Leaders Online Desk: The Indian stock market continued to rally for the second day in a row on Friday (17). The Sensex closed up 253 points at 73,917. While the Nifty settled at 22,466 with an increase of 62 points. BSE Midcap hit a new record high in today's trading session. While smallcap reached near highs. BSE Midcap closed up 1.1 percent while Smallcap closed up 1.3 percent.
Market highlights
- The stock market closed higher for the second day in a row
- Auto, realty, consumer durables indices led the bullish market
- Nifty falls in IT
- BSE Midcap hits new record high
- Only 100 points away from smallcap all-time highs
Market in recovery mood
After the voting for the Lok Sabha elections started, the stock market saw a huge ups and downs along with the fall. Analysts say that with the increased polling figures in the fourth phase, the market is now more optimistic about the election results. Due to this, the market has returned to bullishness.
Shares rise on Sensex
Shares of M&M traded up 5 percent to Rs 2,506 on the Sensex. Along with this, the shares of JSW Steel, Ultratech Cement, Kotak Bank, NTPC, Tata Motors, Maruti, IT also increased. While TCS, Nestle India, Infosys, Wipro, HCL Tech, Hindustan Unilever shares fell.
What is the situation on Nifty?
M&M, Grasim, JSW Steel, Ultratech Cement, BPCL remained the top gainers on NSE Nifty. While the shares of Cipla, TCS, HCL Tech, SBI Life, Hindustan Unilever fell.
M&M shares rocket
Shares of Mahindra & Mahindra (M&M) rose as much as 7.7 percent to touch a 52-week high of Rs 2,557 on Friday. The company's better-than-expected performance in the March quarter has boosted its shares. M&M's reported an 11 percent increase in revenue.
FIIs withdrew $3.5 billion
During the Lok Sabha elections, uncertainty was seen in the Indian stock market in the last few days. Global investors have withdrawn $3.5 billion from the Indian stock market so far in May, according to Bloomberg data.
US Dow Jones hits record high
The Dow Jones Industrial Average index in the US stock market reached the 40,000 mark on May 16. Almost three and a half years after reaching the 30,000 mark, the Dow Jones touched 40,000. Rising corporate profits, lower inflation and increased speculation about interest rate cuts have helped the index hit record highs. During March 2020, during the corona epidemic, this index had fallen to 18 thousand points.
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