Bull run continues in stock market, up 600 points

October 6, 2020

0 2 minutes read

Continuation of growth in Indian stock market continues. After gaining 300 points in early trade, the Sensex finally ended the day with a rise of 600 points or 1.54 per cent. In the last, the Sensex stood at a level of 39,574.57 points. At the same time, talking about the Nifty, it remained at the level of 11,662.40. The Nifty gained 159.05 points or 1.38 percent. Meanwhile, on Tuesday, the rupee fell 17 paise to close at 73.46 against the US currency. In today’s business, banks, financial, auto and realty stocks have been good.

HDFC, gained more than 8 percent. Apart from this, IndusInd Bank, Mahindra & Mahindra, Asian Paints, Bajaj Finance, HDFC Bank and Ultratech Cement also grew well. On the other hand, Tata Steel, Nestle, Larsen & Toubro, Sun Pharma, NTPC and Reliance Industries were the major losers.

Among the 30 Sensex stocks, 24 were in profit while six were in loss. At the same time, TCS shares closed on the green mark in IT sector. On the last trading day i.e. Monday, TCS shares had registered a seven per cent gain. In fact, the company has said that it will consider the proposal of repurchasing the shares this week, after which its shares saw a boom. With this, the company became the second Indian company after Reliance Industries to achieve a market capitalization of Rs 10 lakh crore.

Why is the market gaining momentum

In recent times, the market has been optimistic about the improvement in Trump’s health, the discussion of relief packages in the US and India, the results of the second quarter of the current financial year in India and the Supreme Court’s decision on the postponement of loan installment. This is the reason why the Indian stock market is showing a bull run. Due to the rise in IT and banking shares, the stock markets saw an increase for the third consecutive trading day on Monday. The major stock index Sensex closed up 277 points. Similarly, the NSE Nifty rose 86.40 points or 0.76 percent to settle at 11,503.35.

Private sector airline SpiceJet’s stock rose more than one percent but finally closed on the red mark. Actually, the company has announced to start a direct flight from Delhi and Mumbai to London from December 4. The company claimed that it will be the first Indian budget airlines to start direct flight service to London. SpiceJet said that the company will operate these flights only under bilateral special flight agreement (air bubble pact) between the two countries. For this, the company will use three Airbus A330-90 Neo aircraft.

October 6, 2020

0 2 minutes read