MUMBAI: Full buying by domestic investors and steep rise in holiday days in the US helped the company. Sensex With RIL rising 934 points or 1.8% to 52,532 on Tuesday, Infosys And TCS Contributing the most to the index’s growth. Market players said short covering in the mid session by speculators to cover their losses also fueled the relief rally.
On Tuesday, the market opened with a gain of about 460 points with the Sensex and closed slightly above the day’s high throughout the session. The day’s rally made investors rich with investor wealth over Rs 5.8 lakh crore, as measured by market capitalization of BSE Official figures show that it is now Rs 243.8 lakh crore.
By Ajit Mishra Religare Broking, the day’s rise has eased some of the pressure but the stability of the rally is the key. D-Street participants had a keen eye on the US Fed chief’s speech for cues about the economy and markets. “The progress of the monsoon (in India) is also on the radar,” Mishra said in a note.
Market players said softening global crude oil prices also added to the positive sentiment among investors. Since touching a recent high of around $125 a barrel a week ago, brent crude prices There has been a decline of about 10% and it is now near the level of $114. Economists said oil is the biggest import item for India, with softening crude oil prices expected to improve its financial position.
However, there is no indication that the rally may continue. “On the positive side, crude oil prices have declined by almost 10% from their recent peak, providing some relief to the Indian market. While the overall market setup remains ‘sell on the rise’ – the rumblings of the relief rally. Can’t stop, Siddharth Khemka, Head of Retail Research, Motilal Oswal Financial Services, said. “Given the sharp comments from central banks and record high inflation, the rate hike cycle is likely to continue over the next few months and this will upset the markets. will do.”
On Tuesday, the market opened with a gain of about 460 points with the Sensex and closed slightly above the day’s high throughout the session. The day’s rally made investors rich with investor wealth over Rs 5.8 lakh crore, as measured by market capitalization of BSE Official figures show that it is now Rs 243.8 lakh crore.
By Ajit Mishra Religare Broking, the day’s rise has eased some of the pressure but the stability of the rally is the key. D-Street participants had a keen eye on the US Fed chief’s speech for cues about the economy and markets. “The progress of the monsoon (in India) is also on the radar,” Mishra said in a note.
Market players said softening global crude oil prices also added to the positive sentiment among investors. Since touching a recent high of around $125 a barrel a week ago, brent crude prices There has been a decline of about 10% and it is now near the level of $114. Economists said oil is the biggest import item for India, with softening crude oil prices expected to improve its financial position.
However, there is no indication that the rally may continue. “On the positive side, crude oil prices have declined by almost 10% from their recent peak, providing some relief to the Indian market. While the overall market setup remains ‘sell on the rise’ – the rumblings of the relief rally. Can’t stop, Siddharth Khemka, Head of Retail Research, Motilal Oswal Financial Services, said. “Given the sharp comments from central banks and record high inflation, the rate hike cycle is likely to continue over the next few months and this will upset the markets. will do.”