Wednesday was the eighth day in a row that the stock market was up, and investors continued to make big gains in their portfolios. The Sensex closed at 60,392 points, which is a psychological mark, and the Nifty 50 closed at around 17,812 points. Since March 29, BSE-listed companies have been on a roll, and on Wednesday, their market capitalization grew by more than 13.71 lakh crore, to 265.65 lakh crore.
The Sensex went up by 235 points, ending the day at 60,392 points, just below 60,400. NIFTY, on the other hand, went up by 90 points and ended the day at 17,812 points.
At the end of trading on April 11, the market value of BSE-listed stocks was 264,51 lakh crore. By the end of trading on April 12, the market value had gone up to 265.65 lakh crore. With this, BSE-listed companies saw a gain of 1.14 lakh crore in a single day on Wednesday.
With this, the markets have made money for the eighth day in a row, and Wednesday ended in the green. The market cap was about 251.94 lakh crore on March 28. From March 29 to April 12, Sensex jumped 2,779 points to 60,392, and Nifty 50 went up almost 861 points to 17,812.
Aside from that, 3,615 stocks were traded on the BSE on Wednesday. During the day’s trading, 2,067 stocks went up and 1,435 stocks went down. There were 113 stocks that didn’t change. In the upper circuit, about 10 stocks were traded, and in the lower circuit, about 2 stocks were traded.
On Wednesday, 112 stocks broke the record and were trading on their 52-week high, just like the Sensex, and 21 stocks fell below their 52-week low.
One of the main reasons why the Nifty and Sensex have gone up for eight straight trading sessions could be a stable global outlook, FII covering short positions in the F&O markets, etc. Investors are eagerly awaiting this week’s earnings reports from the big companies for the third quarter. On Wednesday, TCS announced its earnings for the last quarter of FY23. Experts on the market think that the IT sector is the reason for the market’s optimism. But market investors will continue to worry about the effects of the banking crisis on core inflation and the slowing economy.
Santosh Meena, Head of Research at Swastika Investmart Ltd, said, “It was the eighth straight session of gains for the Nifty and Sensex thanks to stable global cues, buying in the cash market, and short covering in the F&O market by FIIs. Today, Nifty Pharma showed some strength because exports are going up and there are new worries about COVID-19. Also, fertiliser and sugar stocks did well in the market as a whole. When the market opens tomorrow, it will take in a lot of information. The US and UK inflation rates will be key, and the results of TCS will also be important.
“The domestic market was cautious because people were waiting for economic data and the Q4 earnings season to start. Investors are optimistic about the market because of the IT sector as they wait for the earnings reports of major companies in that sector. Even though it is expected that CPI inflation will drop below the RBI’s upper tolerance level, “sticky core inflation is still a cause for concern,” said Vinod Nair, Head of Research at Geojit Financial Services.
Mitul Shah, the head of research at Reliance Securities, said, “Investors are waiting for the earnings results for the March quarter, which will start trickling in this week.” This week is the start of the 4QFY23 earnings season. TCS will report today, and Infosys will report tomorrow. Investors will pay close attention to what the company’s management says about the demand for Indian IT services in light of the banking crisis and the slowing economy. Also awaited are the March inflation data and the February IIP data.”
Source: Team CurrencyVeda
