Mumbai: Yesterday’s trading in the Indian stock markets began with a massive surge. The Sensex rose by 2,008 points in a single day, and investors gained profits worth Rs. 8 lakh crore as an early Diwali gift.
Yesterday’s trading in the Indian stock markets was lively from the very beginning. The BSE Sensex rose by more than 2,008 points (2.60%) and settled at 79,310. The National Stock Exchange’s Nifty gained 570 points (2.40%) and closed at 24,536. With this, the Indian stock market continued its winning streak for the sixth straight trading day.
Stock markets are rising due to the sharp fall in crude oil prices, the renewed increase in the inflow of foreign investors, and the favorable global environment created by the results of the U.S. midterm elections. In a single day yesterday, investors’ wealth increased by about Rs. 8 lakh crore. In yesterday’s trading, 14 out of 16 major sectoral indices ended with positive gains.
With the Democratic Party taking control of both the House of Representatives and the Senate in the U.S. midterm elections, President Donald Trump has suffered a major political setback. As a result, expectations have risen that the Trump administration will move toward peace by easing war tensions with Iran, and investor confidence has rebounded in global markets.
Foreign institutional investors, who had been continuously selling Indian shares, have once again begun flocking to the Indian market. As of Wednesday, FIIs had bought shares worth Rs. 7,284 crore for the fourth straight day. In just the first three trading sessions of November, foreign investors have invested about Rs. 17,235 crore in the Indian market.
Crossed Rs. 500 lakh crore
Following yesterday’s brisk trading, the total market capitalization of companies listed on stock exchanges crossed the historic milestone of Rs.500 lakh crore and reached Rs.503 lakh crore.
