As the market trend continues in the new year and the BSE Sensex closed at a record high on Friday, the NSE Nifty stood above 14,000 for the first time. The market has gained momentum due to buying by stocks of IT, automotive and everyday consumer goods companies. The 30-share BSE Sensex closed at a record high for the fifth day in a row. On Friday, it closed at a record high of 47,868.98, up 117.65 points or 0.25 percent.
It has strengthened the index since December 22nd and gained nearly 5 percent when it was the eighth trading session in a row. The Nifty on the National Stock Exchange rose 3 36.75 points, or 0.26 percent, to close at an all-time high of 14,018.50. During trading, the Nifty touched a record high of 14,049.85, while the Sensex was at 47,980.36. Among the Sensex stocks, ITC gained the most at 2.32%. Apart from this, TCS, Mahindra & Mahindra and State Bank of India (SBI) were also good.
TCS said its board would meet on January 7 to approve the financial results and consider shareholders’ proposals for a third interim dividend. The company’s stock has risen 2.02 percent since the announcement. Among other IT companies, Tech Mahindra rose 0.23 per cent, Infosys 0.06 per cent and HCL Tech 0.43 per cent. Dr Reddy’s, L&T, Sun Pharma, Axis Bank, IndusInd Bank, Nestle and Ultratech Cement have also gained momentum.
Due to the buying of IT, Auto and Select Banking and Financial shares, the index index has started the new year in the stock market today. The BSE Sensex rose 119.98 points, or 0.25 per cent, to 47,871.31 during the period. The NSE Nifty rose 38.60 points, or 0.28 percent, to 14,020.35. Thus, the Nifty crossed the 14,000 level for the first time.
Auto stocks, led by Mahindra and Mahindra, outperformed monthly vehicle sales figures. The Sensex gained the most at 2.3 percent in M&M. Rising shares also included SBI, TCS, Infosys, Reliance, Larsen & Toubro and Bajaj Finance. FPI bought shares worth Rs 1,135.59 crore on a total basis on Thursday, according to provisional data from the stock market.
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ICICI Bank and HDFC Bank declined 1.336 per cent and 0.8 per cent, respectively, on profit-booking. Meanwhile, GST collection reached a record high of Rs 1.15 lakh crore in December. This explains the increase in demand during the festivals and the boom of the economy. In 2020, the Sensex and Nifty rose about 15 percent. The Sensex is up 15.7 percent and the Nifty is up 14.9 percent.
The main reason for the rise in the stock market is the capital inflows of FPIs (foreign portfolio investors). According to provisional data from the stock market, the FPI bought shares worth Tk 1,135.59 crore on Thursday. The US stock market also closed at a record high on Thursday. Last year, the S&P 500 index strengthened 16.3 percent, the Nasdaq 43.6 percent and the Dow Jones Industrial Average 7.2 percent. Most markets around the world were closed on New Year’s Eve on Friday.