Stock market update: markets rally amidst strong global cues on 18 March
After positive signals from the global market, today i.e. on March 18, the Sensex rose by 1131 points, it closed at 75,301. Nifty closed at 22,834, up 325 points.
Out of 30 stocks of BSE, 26 were up. The highest gain was 7.43% in Zomato, 3.40% in ICICI Bank and 3.07% in Mahindra & Mahindra. At the same time, 46 out of 50 stocks of NSE were up.
The highest gain in NSE’s sectoral indices was 3.62% in Nifty Media, 3.16% in Realty, 2.38% in Auto, 2.29% in Public Sector Bank and 2.13% in Nifty Metal.
Investors’ wealth increased by over ₹ 7 lakh crore
The wealth of investors has increased by Rs 7.06 lakh crore due to the rise in the stock market. On Tuesday, March 18, the overall market cap of companies listed on BSE reached Rs 399.87 lakh crore. On Monday, March 17, it was Rs 392.80 lakh crore.
Reasons for the rise in the market
Positive signs: On March 17, America’s Dow Jones closed 0.85% higher at 41,841. Nasdaq Composite rose 0.31%. In Asian markets, Japan’s Nikkei was up 1.46%, Hong Kong’s Hang Seng index rose 1.75%.
Buying momentum: After a continuous decline since October last year, there is a slight recovery in the market now. Many stocks with good fundamentals are available cheaply. In such a situation, investors are buying, due to which the market is seeing a boom.
Sectoral performance: Today all 19 sectoral indices of NSE were trading in the green mark. Media, metal, auto, public sector bank and realty indices were up by around 2%. Nifty IT and pharma indices rose by around 1%.
