Markets recovering from early fall, Sensex rises 230 points in shares of Reliance Bank
The 30-share Sensex had lost over 600 points in opening trade. After recovering from the fall, it recovered and finally closed at 52,574.46 points, up 230.01 points, or 0.44 per cent.
The Nifty of the National Stock Exchange also closed at 15,746.50, up 63.15 points, or 0.40 percent.
NTPC’s stock was the biggest gainer with a gain of 3.87 percent in the Sensex shares. Apart from this, Titan, SBI, HUL, UltraTech Cement, Tata Steel and IndusInd Bank also saw good gains.
The rally in the market was mainly due to HDFC Bank, HDFC Ltd. and Reliance Industries contributed.
On the other hand, Maruti declined the most by 0.82 per cent. The company has said that it will increase the prices of all its vehicles in the second quarter of the current financial year due to the rise in the prices of essential goods.
Apart from this, other stocks including TCS, Tech Mahindra and L&T and Infosys fell up to 0.74 per cent.
Vinod Nair, Head of Research, Geojit Financial Services said, “The domestic stock market opened with a fall due to the aggressive stance of the US Federal Reserve on monetary policy. However, the market ended with a bullish exit from the lowest level. Because the market is expecting a rapid economic revival with the Prime Minister’s announcement of providing free vaccines to all citizens.
“Public sector banks performed well. The reason for this is the report of the government finalizing the names of Central Bank of India and Indian Overseas Bank regarding privatization.
According to Vinod Modi, Head of Strategy, Reliance Securities, “The correction in shares of public sector banks was the main reason for the rally in the market. Ahead of the Annual General Meeting of Reliance Industries, the company’s stock strengthened and helped the market recover. Barring Auto and IT, most major segment-wise indices ended in gains, outperforming losses.
He said that after the fall, investors once again preferred to buy in the shares of small and medium companies.
Most of the other markets in Asia were trending lower. However, major European markets were up in early trade.
Meanwhile, international oil benchmark Brent crude rose 0.18 per cent to USD 73.46 per barrel.
The rupee lost 24 paise to end at 74.10 against the US dollar.
Here, according to the data released by the Ministry of Health on Monday morning, the lowest number of 53,256 new cases of Kovid-19 were reported in the country after 88 days in the last 24 hours. With the new cases, the total infection cases in the country increased to 2,99,35,221 while the number of patients under treatment came down to 7,02,887.
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