Good start of stock market, Sensex nears 82 thousand, impressive rise in few stocks

Mumbai| The bullish trend in the stock market continues. The stock market opened in the green for the ninth consecutive day. BSE Sensex has climbed 117 points to 81,815.23 points in early trade. In this way the Sensex has reached close to 82 thousand. At the same time, NSE has risen by 28.55 points to reach 25,039.15 points. Looking at stocks, HCLTECH, HINDALCO, NTPC, ONGC and BAJAJFINSV are seeing a boom.

Let us tell you that due to the announcement by the US Federal Reserve to start the process of cutting interest rates soon, there was a tremendous rise in the Indian market including America on Monday. Sensex jumped 612 points, while Nifty closed above 25,000 points. According to market experts, the market also gained momentum due to return of purchases by foreign investors and buying in major stocks like HDFC Bank, Reliance Industries. Vinod Nair, head of research at Geojit Financial Services, said the Federal Reserve has indicated interest rate cuts in September. This led to weakness in US bond yields and dollar indices and a bullish environment in global markets. Nair said that Indian markets were seen moving towards new heights due to change in the attitude of foreign institutional investors (FIIs). There was enthusiasm especially regarding the shares of big companies.

Friday’s statement by Jerome Powell, Chairman of the US central bank Federal Reserve, boosted the bullish sentiment in the market. Powell had said that now the time has come to bring the policy interest rate below the two-decade high. Foreign institutional investors (FIIs) had made net purchases of shares worth Rs 1,944.48 crore on Friday, according to stock market data.