There was a stormy rise in the stock market! Sensex rises 790 points, Nifty crosses 24,000; IT and banking sector shares rose

After Tuesday’s huge fall, the Indian stock market made a spectacular comeback on Wednesday. There was buying momentum in the domestic market and Sensex closed with a strong gain of 790 points, while Nifty once again reached above the important level of 24,000. Softening of crude oil prices, buying by foreign investors and strong rise in IT and banking stocks gave new energy to the market.

BSE Sensex closed at 76,991.22 with a gain of 790.54 points or 1.04%. At the same time, NSE Nifty jumped 197.55 points to reach the level of 24,021.65. The positive environment in the market can be gauged from the fact that 2,107 shares registered a rise, while 1,970 shares declined.

These stocks showed the most strength

InterGlobe Aviation (IndiGo), Adani Enterprises, Tech Mahindra, Trent and Bajaj Finance were the biggest gainers in Nifty. On the other hand, Bajaj Auto, NTPC, ONGC, Tata Steel and Bharat Electronics appeared under pressure. Maximum purchases were seen in the IT sector. Big stocks like Tech Mahindra, Infosys and TCS registered good gains.

Why did the stock market rise?

1. Fall in crude oil prices: The biggest reason behind the rise in the market was the softening of crude oil prices. The price of Brent crude fell to around $76 per barrel. This increased the hope of reducing pressure on India’s economy and strengthened the confidence of investors. Let us tell you that the fall in oil prices can provide relief on both inflation and import bills.
2. Foreign investors increased confidence: Foreign institutional investors (FIIs) also supported the market. On Tuesday, FIIs made net purchases in the Indian stock market. This strengthened the sentiment of investors and increased buying in the market.
3. India-US trade deal: Another big news supporting the market was the possible trade agreement between India and America. According to reports, the agreement between the two countries has reached the final stage. This gives investors hope that Indian companies may get new opportunities.
4. India VIX: India VIX fell 2.65% to 13.57. This means that investors’ concerns have reduced and stability seems to be returning to the market.

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