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Monday, December 6, 2021

The stock market surged by 448 points on the back of signs of a rebound in the global market and a number of companies reported good quarterly results at home

  •  Bank-finance, metal, FMCG and refinery sectors lead today
  • Of the 30 Sensex packs, 23 were bullish and seven were bearish
  • Market breadth bullish, 1,490 scrips, 1,170 scrips down

    The stock market surged about 449 points on the first day of the week, amid signs of a rebound in global markets and an outbreak of the Corona epidemic at home, with many companies announcing better-than-expected quarterly results. The benchmark Sensex was up 448.62 points, or 1.12 per cent, at 40,431.60 and the Nifty was up 110.60 points, or 0.94 per cent, at 11,873.05. Bank, metal, FMCG, refinery sector stocks led the rally today. However, IT sector stocks, which have been showing significant improvement in the market for some time now, were on a bearish trend today. Shares of TCS, Infosys fell. With this, the Sensex has again jumped to the level of 40,000 which is considered to be psychologically important.

    Bullish-led stocks
    Shares of banking sector ICICI Bank rose by Rs 21.10 or 5.33 per cent to Rs 417.05, Axis Bank by Rs 20.90 or 4.43 per cent to Rs 493.15, Nestle India by 655.45 or 4.25 per cent to Rs 16089.65, SBI by Rs 8.25 or 4.21 per cent to Rs 204.05, HDFC .73.65 or 3.76 per cent to Rs. 2033.70, ONGC was up Rs. 2.05 or 3.05 per cent to Rs. 69.25. Of the 30 companies in the Sensex pack, 23 were up and seven were down.

    Even after the bad market conditions, the government can raise one lakh crore rupees by selling the shares of companies.

    Overall market sentiment remained bullish
    Market breadth was extremely bullish. A total of 2,817 companies traded on the BSE, out of which 1,490 stocks gained, 1,170 scrips declined. However the prices of 157 scrips did not change. Shares of 104 companies touched a one-year high in the stock market. While shares of 62 companies hit a one-year low. Shares of 235 companies were bullish while shares of 224 companies were in a bearish circuit.

    Boom in global markets
    Markets around the world were bullish. The Dow Jones industrial average rose 112.11 points, or 0.39 percent, to close at 28,606.30 on Friday. However, the Nasdaq closed with a slight decline of 46.41 points. In Europe, France’s CAC-40 closed at 98,44 points, or 2.03 percent, while Germany’s DAX closed at 12,913, with a slight improvement. Among Asian stock markets, the Hang Seng was up 155.47 points at 24,542.26, the Nikkei was up 260 points or 1.11 per cent, and the Taiwan TSEC 50 Index was up 157.97 points or 1.24 per cent at 12,908.34.

    Do not be afraid of the huge volatility of the market, continuously invest in good quality stocks and earn profit.

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