The decline that has been going on for the last three days in the domestic stock market has stopped on Thursday. The stock market closed with a sharp rise. At the end of the trading session, BSE Sensex closed at 82,307.37, up 397.74 points or 0.49 percent, while Nifty closed at 25,289.90, up 132.40 points or 0.53 percent. Today, a total of 2,803 shares rose, 1,235 shares declined, while 146 shares closed without any change. This indicated overall strength in the market.
These shares rose the most
During trading in Nifty today, the shares of Dr. Reddy’s Laboratories, Bharat Electronics, Adani Ports, Adani Enterprises and Tata Steel saw the maximum rise. On the contrary, shares of SBI Life Insurance, Eternal, Eicher Motors, Titan Company and Jio Financial remained under pressure and closed with losses.
Performance of the companies included in BSE at the time of market closing.
Sector-wise, except realty and consumer durables, all other sectors closed in the green. FMCG, IT, Metal, Media, PSU Bank and Pharma sectors recorded a rise of 1 to 2 percent. At the same time, strength was also seen in the broader market, where BSE Midcap and Smallcap indices recorded a rise of about 1 percent each.
What do experts say?
According to Gaurav Garg, Research Analyst, Lemon Markets Desk, market sentiment was strengthened by US President Donald Trump’s withdrawal of proposed tariffs on the European Union and positive statements regarding a possible trade agreement between India and America. Due to this, there was a tendency to take risks along with short covering among the investors. On the other hand, Vinod Nair, Head of Research, Geojit Investments Limited, said that the initial corporate earnings figures were not very helpful in strengthening the current valuations. However, he also said that investors remain optimistic about potential upside from strong domestic demand, which may become clearer with the upcoming quarterly results.
slight recovery in rupee
There was a slight recovery in the rupee from its record low against the US dollar. On Thursday, the rupee closed at 91.62 (provisional) with a rise of 3 paise. This improvement in the market was recorded due to possible intervention of RBI and positive trend in domestic stock markets. According to Forex market experts, US President Donald Trump’s statement in Davos supported the market sentiment. He indicated that a framework for a future Greenland agreement is in place and that tariffs due to come into force on February 1 will not be implemented, which improved risk sentiment globally.
Performance of companies included in NSE at the time of market closing on Thursday.
The rupee opened at 91.54 in the interbank foreign exchange market and touched an intraday high of 91.48 during trade. However, at one point it slipped as low as 91.68, but finally closed at 91.62, which is 3 paise stronger than its record low. On Wednesday, the rupee fell by 68 paise and closed at an all-time low of 91.65 against the US dollar.
Fall in crude oil futures prices
There was a decline in crude oil futures prices amid weak global signals. There was pressure in the international market on Thursday due to fears of oversupply, which also affected the domestic futures market. On the Multi Commodity Exchange (MCX), crude oil futures for delivery in February were seen trading at Rs 5,534 per barrel, down by Rs 35 or 0.63 per cent. During this period, a turnover of 14,742 lots was recorded.
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