Boom in stock market amid India-Pakistan ceasefire: Most buying in metal shares
After the announcement of ceasefire between India and Pakistan, there is a big boom in the stock market today. Sensex is trading at 81,700 level, up 2200 points (2.80%). Nifty is also up by about 700 points (2.86%). It is at the level of 24,700.
29 out of 30 Sensex stocks are up. 17 stocks including Adani Ports, Bajaj Finance, Axis Bank are up by up to 4.5%. While Sun Pharma alone has fallen by 5.5%.
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47 out of 50 Nifty stocks are up. Sectoral indices include Realty up 4.71%, Metal up 3.40%, Public Sector Bank up 2.88%, Private Bank up 2.84%, IT up 2.39% and Auto up 2.33%.
Mid-Small Cap Index up nearly 4%
Nifty, which is traded on NSE's International Exchange, is up nearly 750 points (3.10%) at 24,800.
BSE's Small-Cap Index is up 1,678 points (3.59%) and trading at 48,420.
Mid-Cap Index is up 1,175 points (2.79%) and trading at 43,287.
5 reasons for today's rise in the stock market
After the ceasefire, tension between India and Pakistan has reduced. Investors will keep an eye on all developments related to this matter.
Retail inflation data for the month of April will be released on May 13. Inflation is expected to come down below 3% in April.
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Quarterly results of many companies including MRF, PNB Bank, Hindustan Petroleum, Adani Ports and Adani Enterprises were better than expected.
Foreign investors' confidence in the market remains intact
On May 9, foreign investors sold shares worth Rs 3,798.71 crore. While domestic investors bought shares worth Rs 7,277.74 crore during this period.
So far in May, FIIs have made net purchases of Rs 7,857.23 crore and DIIs have made net purchases of Rs 13,741.45 crore.
Market fell by about 900 points on Friday
The stock market fell on the last trading day of last week i.e. Friday, May 9. The Sensex fell 880 points (1.10%) and closed at 79,454. The Nifty also fell 266 points (1.10%) and closed at 24,008.
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