Sensex gives 620-point salute to street walk of ‘Mota Bhai’ of stock market
Image credit X @BSEIndia
Stock market rises amid strong fund flow & better macro economic data
By S Jha
New Delhi, June 26: Sensex hit another peak with gains of over 620-point on Wednesday. Nifty also went soaring by netting another 150 plus points. Bank Nifty too surged on Wednesday, the day of weekly expiry of the option contracts.
There were a slew of positives kicking the adrenaline of the bulls on the street. The CRISIL came out with a report to say that India recorded a current account surplus in the fourth quarter.
The CRISIL report said that India’s current account surplus swelled by $5.7 billion. It added that the trade deficit narrowed in the fourth quarter.
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Besides, the foreign-fund houses are pumping money in the Indian equity markets. The bulls look super charged with participatory notes-based buying this month in excess of ₹1.49 lakh crore.
Yesterday, the big boys of the banking sector had led the bulls’ charge. Nifty had cleared the congestion zone of 23500-650.
The ‘Mota Bhai’ of the stock market, Reliance Industries, led the bulls on to the street on Wednesday. Reliance Industries went trending to net a rare four per cent gains on Wednesday.
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The weightage of Reliance Industries is significant for a four per cent gains to send Sensex and Nifty soaring. Reliance Industries went past the levels of ₹3000.
The news report of Bharati Airtel buying spectrum at a cost of ₹6857 crores sent the scrip trending. The share price of Bharti Airtel almost touched the level of ₹1480, which is a record for the telecom giant.
The day began with the ICICI Bank buzzing. The $1000 billion banking behemoth went soaring from morning bells.
Bank Nifty was also comfortably placed with Kotak Mahindra Bank making more gains on Wednesday.
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With the pair of ICICI Bank and Kotak Mahindra Bank cheering the bulls, bears went for cover on the day of expiry of the option contracts. The Bank Nifty is now eyeing to scale the peak of the level of 53000.
The broader market was also buzzing all through the session. Chennai-based India Cement posted gains of 14 per cent.
Hitachi Energy posted 10 per cent gains. Post-split Premier Explosives also reversed two-day of losses to end the session with gains.
Kolkata-based Titagarh Wagons and Jupitor Wagons warmed up to the July Budget. Titagarh Wagons netted another nine per cent on Wednesday.
Disclaimer: This article makes no recommendation for buy or sell of shares of any company.
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