Share Market Updates: There was a rise in the market due to buying in the shares of banking, metals and energy companies. State Bank of India’s stock rose the most among Sensex companies, up 1.92 percent.
The biggest gain was seen in SBI’s stock.
The Sensex rose 395 points on Monday on buying in shares of banking, metals and energy companies amid a mixed trend in global markets. Traders said that the market sentiment was also supported by the strengthening of the rupee. BSE’s 30-share Sensex closed with gains for the second consecutive trading session. The Sensex rose 395.33 points or 0.75 per cent to reach 52,880 points. Similarly, the Nifty of the National Stock Exchange closed at 15,834.35 with a gain of 112.15 points or 0.71 per cent.
State Bank of India’s stock rose the most among Sensex companies, up 1.92 percent. Shares of Tata Steel, L&T, Bajaj Finserv, Axis Bank, Bajaj Finance, Mahindra & Mahindra and ICICI Bank were also gainers. In value terms, Reliance Industries, HDFC Bank HDFC and ICICI Bank contributed significantly to the market’s gains. On the other hand, Tech Mahindra, Dr Reddy’s, HCL Tech, Titan, Bharti Airtel, TCS and Sun Pharma lost up to 1.34 per cent.
Service PMI decline
Vinod Nair, Head of Research, Geojit Financial Services, said that despite a mixed trend in global markets, local markets remained profitable. In line with the decline in manufacturing PMI, the country’s services sector PMI also declined to 41.2 in June. It was 46.4 in May. This had a negative impact on the market. Nair said, “The strong US employment data indicates that the economy is improving at a steady pace. This has eased concerns about the Federal Reserve raising interest rates earlier than expected.
Relief in lockdown strengthens business sentiment
The country’s service sector activities have come down further in June as compared to May. The service PMI has come down to 41.2 from 46.4 in May. Due to sharp fall in production since July 2020, companies have had to reduce their workforce. Vinod Modi, head of strategy, Reliance Securities, said that the improvement in business sentiment after the easing of curbs has given relief to the markets. However, due to some increase in the cases of COVID-19 in different states, there may be a situation of concern in the near future. BSE Midcap and Smallcap gained 0.78 per cent.
Other stock market conditions in Asia
In other Asian markets, China’s Shanghai Composite and South Korea’s Kospi gained. On the other hand, Hong Kong’s Hang Seng and Japan’s Nikkei declined. The European markets, which opened in the afternoon Indian time, initially had a mixed trend.
FII withdraws 982 crores from the market
Foreign institutional investors sold shares worth a net Rs 982.80 crore on Friday, according to stock exchange data. Meanwhile, Brent crude oil was trading 0.35 per cent higher at $ 76.44 per barrel in the international market.
Today the rupee gained 43 paise
The four-day decline in the rupee in the interbank foreign exchange market came to an end. The rupee gained 43 paise to end at 74.31 per dollar.
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