Stock Market Highlights: Sensex Declines After Crossing 50 Thousand Level, Shares Doubled in Last 10 Months

Stock Market Highlights Sensex Declines After Crossing 50 Thousand Level

Stock Market Highlights: The Bombay Stock Exchange (BSE) Sensex made history on Thursday. The index crossed the record level of 50 thousand for the first time in early trade. In fact, the positive effect of the new President Joe Biden assuming power in the US was also reflected in the domestic stock market. However, the market lost its lead later in the afternoon and the index finally closed 560 points below the day’s high.

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The Sensex slipped to 25,638 on March 24, after the lockdown was announced due to Corona last year. After that, it has crossed the 50,000 level in just ten months. Meanwhile, the market cap of listed companies in the BSE is also Rs 96 lakh crore. Increased. This is 380% higher than the government’s corona relief package announced in May last year at Rs 20 lakh crore.

India Second Top Performer Among the 5 Largest Economies

Due to the coronavirus epidemic, there was a huge decline in the markets worldwide in March 2020 and they touched a one year low around 23 March. Among the top 5 economies, the US index Nasdaq gave the highest return of 96.15% since March. At number two is the Sensex of India, with an increase of 93.15%.

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Market Slipped After Initial Growth

The Sensex closed down 167.36 points at 49,624.76 from yesterday’s closing. However, the index also touched an alltime high of 50,184. The BSE traded at 3,188 shares. 1,126 shares gained and 1,896 closed down. That means 59% shares declined. The market cap of the listed companies has also gone up to Rs 197.08 lakh crore, which crossed Rs 199 lakh crore for the first time in the morning. Stock Market Highlights.

Nifty Crosses 14,750 for The First Time

The Nifty index closed at 14,590.35, down 54.35 points due to increased selling later in the afternoon. However, the index rose to 14,753.55 for the first time in its early lead, also its all-time high. Metal and banking stocks led the market decline. Nifty Bank index closed down 1.10% and Metal index 2.18%.

ONGC’s share in the Nifty was the top loser. The stock has closed down 3.34%. Similarly, Tata Steel’s stock declined 2.95%. Whereas, Tata Motors shares have closed up 6.38%. The shares of Bajaj Finance, Reliance Industries and Bajaj Auto also gained more than 2-2%.

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The market had gained for the second consecutive day yesterday due to heavy foreign investment and strong global cues. The Sensex was up 393.83 points at 49,792.12 and the Nifty was up 123.55 points at 14,644.70.

Shopping Advice in the Fall

Srikanth Chauhan, executive vice president of brokerage company Kotak Securities, said the Sensex was bolstered by the strength of global markets and the index crossed 50 thousand for the first time in early trade. The index had seen a sharp correction since last August. The index has risen 10 thousand points in a hundred days. Pharma, IT and metal stocks accounted for a large portion of this.

Now in the coming days, the impact of the Union Budget will be seen on the market, under which huge fluctuations can be seen. In such a situation, investors will be advised to buy in the fall. It will have commodities and auto companies in focus. They have given a target of 51,750 to the Sensex.

The Reason for the Initial Growth in the Market

  • Joe Biden is the new president in America. Investors expect the new relief package to be approved soon.
  • Foreign institutional investors (FIIs) continue to invest. According to NSDL, so far in January, Rs 20,236 crore. Has been invested.
  • Strong fight against the Corona epidemic. There are frequent positive updates about vaccination in the country.
  • Strong domestic signals also have an impact. Power consumption, manufacturing PMI data, recovery in GDP are impacted by other positive figures.

About Ravendra Singh

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