Leaders Online Desk: On the strength of global positive signals and buying in IT and auto shares, the wind of bullishness in the Indian stock market blew strongly on Monday (8th). Sensex touched a record high of 74,869 and Nifty touched a record high of 22,697 in today's trading session. The Sensex then rose 494 points to settle at 74,742. While the Nifty rose by 152 points to close at 22,666.
Energy, realty and metal indices were the biggest gainers at the sectoral level. Oil and gas and realty rose by around 1 percent. Auto and IT indices also witnessed buying. Bank Nifty also touched a new high today. The BSE midcap index rose 0.2 percent, while the smallcap index closed flat.
Which stocks are the most bullish?
The Sensex opened at 74,555 today. It then rose to a high of 74,869. On the Sensex, Maruti, M&M rose 3 percent each. Shares of JSW Steel, NTPC, Reliance, Axis Bank, LT, Tata Steel, Power Grid, IndusInd Bank, Bharti Airtel also rose by 1-2 percent. While the shares of Nestlé India, Wipro, Sun Pharma fell.
The Nifty today touched an all-time high of 22,697. Eicher Motors remained the top gainer on the Nifty, rising to Rs 4,300. After that, the stock rose 4 percent to settle at Rs 4,200. Maruti, M&M, SBI Life, JSW Steel gained between 2-3 percent. Meanwhile, Adani Ports, Nestle India, Apollo Hospitals, Wipro were the top losers. Shares of Wipro fell 1 percent to Rs 479.
Market cap at 400 lakh crores
Market capitalization of BSE listed companies increased by Rs 1.3 lakh crore to Rs 400 lakh crore due to today's rally in the market. This is the first time that BSE market capitalization has crossed 400 lakh crores. Remarkably, BSE market capitalization has increased by Rs 100 lakh crore in just 9 months. In March 2014, the market capitalization of BSE companies stood at Rs 100 lakh crore. Then in February 2021, it reached Rs 200 lakh crore. In July 2023 it crossed Rs 300 lakh crore and now after just nine months the market capitalization crossed the Rs 400 lakh crore mark.
Positive signals from global markets
After nearly 3 lakh jobs were created in the US in March, the stock market in the US has remained bullish. Last Friday, the Nasdaq and S&P 500 indexes closed up about 1 percent. Its positive results were seen today in the Asian markets of Hong Kong, Tokyo, Sydney, Seoul, Singapore and Taipei. Overall, the Asian market remained bullish today.
Fall in crude oil prices
Crude oil prices have eased after tensions in the Middle East eased. Oil prices fell by more than $1 per barrel on Monday. This brought Brent crude below $90. Because tensions in the Middle East have eased after Israel withdrew more troops from southern Gaza. Brent crude futures were down $1.48, or 1.6 percent, at $89.69 a barrel. (Crude oil prices)
Emphasis on purchases by foreign investors
Last Friday, domestic investors went on a selling spree while foreign investors became net buyers. Foreign institutional investors bought Indian shares worth Rs 1,659.27 crore on the day, while domestic institutional investors (DIIs) sold shares worth Rs 3,370.42 crore.
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