City
Epaper

Nifty Hovers Around 21,800, Sensex Maintains Strong Position Above 72,000

By Lokmat English Desk | Updated: January 30, 2024 10:00 IST

India's stock market surged on Monday, with the Sensex climbing 1,200 points to close at 71,900. The Nifty also ...

Open in App

India's stock market surged on Monday, with the Sensex climbing 1,200 points to close at 71,900. The Nifty also rose 400 points to close at 21,700. The gains pushed investor wealth up by ₹6 trillion on Monday. Of the 30 stocks in the Sensex, only five declined. ONGC shares jumped 8%, while Reliance Industries shares rose 7%. Adani Enterprises shares gained 6%. Tech Mahindra, Cipla, and Airtel shares fell. The market had fallen last week on January 25, with the Sensex losing 359 points to close at 70,700. The Nifty Bank also fell 101 points to close at 21,352. Investors had sold heavily to book profits.

The reasons for the market rally included:

  1. Gains in the shares of companies with a large market share, such as Reliance and HDFC Bank.
  2. Support from the global market rally.
  3. Excitement among foreign institutional investors for investing in the Indian market.
  4. Expectations from the government's last budget of the second term. As a result, investors were seen to be buying heavily.
  5. Reliance Industries' market capitalization crossed ₹19 trillion on Monday, making it the country's largest company.

 

The stock of Reliance Industries rose 4.19% to close at ₹2,824 on the BSE Sensex, while on the NSE, the company's shares rose 4.35% to close at ₹2,824. Reliance Industries, which is a leader in the oil and telecom sectors, reported a 9.3% increase in net profit for the third quarter of the current fiscal year. Reliance Industries' power business saw some weakness on Monday, but the company's retail and telecom businesses offset this weakness. The company's profit has increased due to the continued growth of its consumer business.

Tags: Stock marketniftySensex
Open in App

Related Stories

BusinessVodafone Idea Surges 10.21% In 2 Days Amid 5G Launch as Investors Celebrate Stock Gains

BusinessVodafone Idea Jumps 6% as Investors Eye Recovery; Analysts Warn of Risks Ahead

MaharashtraMaharashtra: 5 Accused of Cheating Investors of Rs 3 Crore With Monthly Stock Market Returns in Sangli

Navi MumbaiNavi Mumbai Cyber Crime: Senior Citizen Duped of ₹73.72 Lakh by Woman Met on Dating App

BusinessMukesh Ambani's Jio Financial Services Jumps 5% After SEBI Nod for Broking Business

Business Realted Stories

BusinessReliance Industries registers 6% rise in Q1 gross revenue at Rs 2.73 lakh crore

BusinessNepal bans Telegram app over financial frauds, lack of cooperation

BusinessIndia poised to account for 25 pc of global growth in crude oil demand: Hardeep Puri

BusinessVivanta Stays Rides the Wave of New-Age Travel: Villas, Workations, and Cultural Immersion Lead the Way

BusinessMyopia: The silent threat to children's vision