Stock Market Today: BSE Sensex Closes 440 Points Higher; Nifty50 hits all-time high: main reasons for bullish rally | Top Vip News

The stock market today: BSE Sensex and Nifty50, India’s benchmark stock indices, rose in Friday trading. ingenious50 hit a new record high on Friday, thanks to heavy buying in Reliance Industries and IT stocks. The index hit a high of 22,126.80 in the early afternoon before closing at 21,853.80, a gain of 156.35 points or 0.72%. The BSE Sensex also saw a surge, rising as much as 1,440 points during the day before settling at 72,086, up 440 points or 0.61%.
The bullish sentiment was evident with 38 stocks ending in positive territory and only 12 in the red. Bharat Petroleum Corporation, Power Grid Corporation, Oil and Natural Gas Commission, Adani Ports and Special Economic Zone and NTPC were among the top gainers, while Eicher Motors, Axis Bank, HDFC Life Insurance Company, HDFC Bank and Hindustan Unilever were the top losers. , according to a report by ET.
Nifty Bank also saw a significant rise, trading over 1% or 490 points higher at 46,680.75. The biggest winner in this sector was ICICI Bank, followed by Punjab National Bank. Except for Nifty Consumer Durables, all other sectoral indices were in the green. Nifty IT was trading at 37,057.70, up 1.43%, while PSU banks also posted gains.
One 97 Communications, the parent company of Paytm, witnessed a 20% drop in its shares for the second consecutive day after the Reserve Bank of India (RBI) restricted Paytm Payments Bank from offering banking services due to non-compliance .

Why BSE Sensex, Nifty50 rallied today:

1. Union Budget 2024: The market reacted to the Union Budget announcements, as Finance Minister Nirmala Sitharaman provided more clarity on the government’s fiscal plans. The budget emphasized fiscal prudence, aiming to reduce the fiscal deficit to 4.5% by 2026. The government also indicated lower borrowing in the next financial year.
2. Global markets rise: US markets closed with significant gains, which had a positive impact on global markets. The Dow 30 closed at 38,519.80, up 369.54 points or 0.97%, while the S&P 500 closed at 4,906.19, up 60.54 points or 1.25%. The Nasdaq Composite also saw a jump of more than 197.63 points or 1.30% to finish at 15,361.60.
Asian markets also followed the positive trend: Japan’s Nikkei 225 rose 281.11 points or 0.78% and Hong Kong’s Hang Seng rose 92 points or 0.60%. However, China’s Shanghai Composite was in the red, falling 0.72%.
3. Reliance Industries (RIL) shares rise: Reliance Industries, a heavyweight in the index, played an important role in the market’s upward movement. The stock hit its new 52-week high of Rs 2,930.60, gaining 2.5% in early morning trade.
According to Sameet Chavan, head of research, technical and derivatives at Angel One, the Nifty has been experiencing alternate days of ups and downs for the seventh consecutive day, indicating uncertainty. Chavan suggests that a break above or below the 21,400-21,850 range will determine the next significant trend. A break below 21,400 could trigger further decline, while breaking 21,850 may push Nifty towards the 22,000-22,100 range.
Chavan advises traders to be cautious and observe the intraday trend before making any bold moves.