The stock market witnessed a bang on Thursday and both the major indices reached their new record levels with a gain of about 1.5 percent. The 30-share Sensex closed at an all-time high of 59,885.36, up 958.03 points, or 1.63 per cent.
The same National Stock Exchange’s Nifty jumped 276.30 points, or 1.57 per cent, to close at a record 17,822.95 points. During trading, it had gone to the highest level of 17,843.90 points. Today the market saw an uptrend due to 5 main reasons.
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positive global signal
The rally in the markets around the world has also been the main reason for Thursday’s jump in the Indian stock market. Stock markets in Europe, France and Germany saw a rise of 1%, while the UK stock market saw a gain of half a percent. The result of the US Federal Reserve meeting was in line with the market’s forecast, which was the main reason for the rally in the global market. The US Federal Reserve has said it plans to announce a reduction in its monthly bond purchase program in November. At the same time, it has maintained the benchmark interest rate at a record-low level of zero.
Evergrande case solved
The matter of Chinese real estate company Evergrand seemed to be resolved on Thursday, due to which investors from all over the world including India heaved a sigh of relief. Evergrande has about $300 billion in debt and the company was on the verge of bankruptcy. However, on Thursday, the Central Bank of China intervened in this matter and gave relief to investors in the banking system for about 90 billion dollars. In addition, Evergrande also agreed to pay interest on domestic bonds. Due to the resolution of this matter, the mood of investors in the stock markets around the world was positive.
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Growth in all sectors
Today’s stock market boom saw the participation of companies from all sectors. The biggest jump was seen in Nifty’s realty index, which gained 8.6%. On the other hand, Nifty Bank and Nifty Financial Services index saw a rise of 2 percent and Auto and IT index saw a rise of about 1 percent. The metal index gained 1.8%.
Smallcap and Midcap rally
Investors also showed great interest in investing in midcap and smallcap stocks on Thursday. The Nifty Midcap 100 index gained 1.5 per cent on Thursday, while the Nifty Smallcap 100 index gained 0.84 per cent. In the last trading session also, both the stocks had seen a rise of about 1.5 percent.
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technical view
The Nifty 50 saw a jump of 1.5 per cent on Thursday and closed up 276.30 points. It has formed a bullish candle on the daily chart, which indicates that the index is slowly moving towards 18,000.
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