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Home / Business / Sensex rally: Sensex rises 718 points, Nifty back 10,250; Key factors for the market rally

Sensex rally: Sensex rises 718 points, Nifty back 10,250; Key factors for the market rally



NEW DELHI: Strong purchases in most sectors, led by pharmaceuticals, FMCG, banks, financial and IT companies, provided a solid impetus to the Sensex stock market barometer to jump nearly 650 points during Monday's session.

After two consecutive losses, the market made a significant comeback as investors rallied cross-sectorally, including financials.

The NSE Nifty Index ended the session at 10,250.85, an increase of 220.85 points or 2.20 percent, while the BSE Sensex rose 718.09 points, or 2.15 percent, to 34,067.40.

Let's take a look at factors that have driven the market to higher trajectory:

Strong Heavyweight Purchases: ICICI Bank, Reliance Industries, Larsen & Toubro, the State Bank of India, Tata Consultancy Services and Axis Bank have today made a good move. The ICICI Bank rose more than 1

0 percent and contributed most to the rally in Sensex. The company's shares rose after the bank exceeded street estimates in its quarterly quarterly results. In the quarter ended Sept. 30, the bank saw a decline in standalone revenue of $ 90.88 billion, up 55.84 percent year-on-year. The analysts of an ET Now survey had estimated the profit at 815 rupees.

The Market Acclaimed the RBI's OMO Plan : RBI's plan to buy 400 billion rupees of government bonds via open market operations in November to inject liquidity into the system was a welcome relief to the market Nervous because of the liquidity crisis after failures at a large infrastructure finance company. Indian bond, rupee and stock markets all gained ground on Monday as they took advantage of RBI's announcement that it would buy 400 billion rupees of sovereign bonds through open market operations in November, to inject liquidity into the market bring, Reuters said.

Global Marks Enhanced: A turnaround in global markers gave investors home hope. European equities opened positive territory on Monday after Reuters had a tentative recovery. The British FTSE 100, the German DAX and the French CAC 40 rose by 1 percent.

Light Crude Oil Price : Today, oil prices plunged as the rise in the US dollar and concerns over slowing demand weighed on weak economic growth. However, the prospect of a tight supply following US sanctions on Iran will still be effective, but the market expects increased supply from Saudi Arabia as it promises to adequately supply the oil market. Brent crude oil futures and US West Texas Intermediate (WTI) crude oil futures were traded in red.

more is coming …


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