Stock Market Closing Bell: The Indian stock market started on a sluggish note amid weak signals from the global market. However, in the last hour of trading, local stock markets remained bullish due to buying in shares of automobile, IT and technology companies and BSE Sensex gained more than 72 points. Despite the weak trend globally, there was a rise in the domestic market. BSE Sensex based on thirty shares was in loss for a long time during trading. Finally it closed at 64,904.68 points with a gain of 72.48 points or 0.11 percent. At one time during trading it had fallen to 251.25 points. National Stock Exchange’s Nifty also closed at 19,425.35 points with a gain of 30.05 points or 0.15 percent. During the Samvat year 2079 ending on Friday, BSE Sensex rose 5,073.02 points or 8.47 percent, while Nifty rose 1,694.6 points or 9.55 percent. During this period, the market capitalization of BSE listed companies increased by more than Rs 43.81 lakh crore to Rs 3,20,29,232.24 crore.
Sensex gains 540.9 points on weekly basis
On a weekly basis, BSE Sensex gained 540.9 points or 0.84 per cent while Nifty gained 194.75 points or 1 per cent. Among Sensex stocks, NTPC, Tech Mahindra, UltraTech Cement, Bajaj Finance, ITC, Bajaj Finserv, Axis Bank and Power Grid were the major gainers. On the other hand, loss making stocks include Mahindra & Mahindra, HCL Technologies, Titan and IndusInd Bank. Vinod Nair, head of research at Geojit Financial Services, said benchmark indices are under pressure from the global market as the US central bank is not confident that headline (total) inflation is under control and bond yields are rising. Despite these concerns, the market has shown strong resistance. This is due to expectations that retail inflation will soften in October and GDP growth for Q1 2023-24 will be revised higher.
Muhurta business will be done on Diwali day
BSE Smallcap index rose 0.38 percent and Midcap index rose 0.33 percent. In other markets of Asia, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite Index and Hong Kong’s Hang Seng were in loss. There was a declining trend in business in the major markets of Europe. American markets were also in loss on Thursday. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 1,712.33 crore on Thursday. Mehta Equity Ltd. Senior Vice President Prashant Tapase said that despite the decline in major markets of Asia and Europe, the market closed with slight gains due to selective buying. However, continuous capital withdrawal by foreign institutional investors remains a cause for concern. According to stock market data, FIIs sold shares worth Rs 1,712.33 crore on Thursday. Meanwhile, global oil benchmark Brent crude rose 0.94 percent to $ 80.76 per barrel. There will be one hour special Muhurta trading in the stock markets on 12th November on the occasion of Diwali. This token trading will take place from 6.0 pm to 7.15 pm. This includes a 15-minute ‘pre-market’ session.
Rupee closed almost unchanged at 83.28 per dollar with a slight rise of one paise.
On Friday, the rupee closed one paise higher at 83.28 per dollar against the US dollar in the interbank foreign exchange market. The rupee got some support due to the weakening of the dollar abroad and the strengthening trend in the domestic stock market. Market sources said that continued foreign capital withdrawal and rising crude oil prices kept pressure on the rupee. In the interbank foreign exchange market, the rupee opened at 83.28 and fell to 83.49 per dollar in the day’s trading and later touched a high of 83.28. At the end of trading, it closed at 83.28 per dollar with a rise of just one paise. In the last trading session, the rupee had closed at 83.29 per dollar. Market sources said investors were cautious ahead of the industrial production and inflation data. According to sources, one of the electronic trading platforms experienced a glitch during afternoon trading due to which investors were not able to ‘log in’ to the system. A source said the Reserve Bank of India has asked the platform to conduct a ‘root cause analysis’ and find out whether it was a system failure or human error that led to the disruption on the platform. Meanwhile, the dollar index, which gauges the US dollar’s position against six major currencies, declined 0.02 percent to 105.89.