Today, on November 6, the Sensex has climbed 700 points or 0.90% and crossed 80,000 amid the decline in markets around the world. After 8 months it has crossed 80 thousand. Today Nifty is up by 150 points or 0.60%, it is at the level of 24,700. However, there has been some selling at the upper levels in the market and the Sensex is now trading at the level of 79,700 with a rise of about 400 points. Nifty is also at 24,600. Yesterday there was the second biggest rise of the year in the market. Sensex had gained 2009 points and closed at 79310. Earlier on April 8, the Sensex had risen 2,946 points. 2 reasons for the rise in the market: Despite the selling environment in the markets all over the world, due to the continuous investment of money by foreign investors, the boom in the IT sector and the strong domestic economy, the global decline has had little impact on the Indian stock market. 1. FII buying: Foreign investors (FIIs) have made a huge investment of ₹ 32,210 crore in the last 7 days, which has provided tremendous support to the domestic stock market. Note: Net buying/selling figures of FIIs and DIIs are in crores of rupees. 2. Good quarterly results of companies: Sentiment has improved due to strong results of September quarter. Shares of big companies like Reliance, Infosys and TCS have increased. The Sensex increases only due to the increase in the shares of the companies included in the top 30 of the Sensex. Shares of most of these companies have risen on Thursday. Markets of Korea and Japan fell by 6%, American markets also fell by about 5%, Stock market rose by more than 8% in 7 days, today is the seventh consecutive day of rise in the stock market. Between October 28 and November 6, the Sensex has jumped from 73,246 to beyond 80,000. That means it has increased by more than 8%. Expert said – Expectation of reduction in LTCG tax has improved the environment. Dr. VK Vijayakumar of Geojit Investments says that the possibility of change in LTCG tax along with better results and cheap crude oil has changed the outlook of FIIs. Global brokerage Nomura also considered this the reason for the withdrawal of foreign investors. The rise in large cap shares may continue further. There is a rise in big shares due to initial buying by foreign investors. Vijayakumar is hopeful that the big stocks of banking and financial sector may see further rise. He said there is still more short covering in largecap stocks, hence further recovery is expected in big stocks led by banking and financial stocks. However, Vijayakumar has also warned that as the market goes up, domestic investors may sell shares to book profits. This may lead to selling at upper levels. The market was bullish yesterday also
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Sensex crosses 80,000 after 8 months, rises 700 points today: Rise of more than 8% in 7 days; America, Japan, Korea markets fell by more than 5%
