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Banking and information technology filled the market with enthusiasm and the market closed with a new record.

Sagar Patel

By Sagar Patel

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Today was a very special day for two reasons. Firstly, there was a market rally and secondly, as always, there were changes in government norms on the first day of the month. Talking about the sharp market rally, Sensex surged 443 points to close at a fresh record high on Monday on the back of domestic buying in banking and IT stocks amid strength in global markets, while the Nifty managed to cross 24,100 points. The 30-share Sensex index on BSE closed at an all-time high of 79,476.19, up 443.46 points or 0.56 per cent. Let us tell you that during the trading, at one point the Sensex had jumped 528.27 points to touch 79,561.

A spectacular increase is observed in banking stocks

The National Stock Exchange (NSE) Nifty index surged 131.35 points to close at its highest level of 24,141.95 points. It touched 24,164 during trading, just 10 points lower than the all-time high of 24,174 touched in the last trading session. Among the Sensex stocks, Tech Mahindra, UltraTech Cement, Bajaj Finance, Hindustan Unilever, Tata Consultancy Services, JSW Steel, Infosys, HDFC Bank, Tata Motors and ICICI Bank were the top gainers. On the other hand, shares of NTPC, State Bank of India, Larsen & Toubro, Sun Pharma, IndusInd Bank and Axis Bank were in a downward trend.

For this reason, there was also an increase in the domestic market.

Vinod Nair, head of research at Geojit Financial Services, said the domestic market maintained its momentum. Falling US inflation has raised expectations of a rate cut by the Federal Reserve in September. This expectation contributed to the strong performance of IT stocks. Elsewhere in Asia, South Korea’s Kospi, Japan’s Nikkei and China’s Shanghai Composite closed higher. European markets traded higher. American markets closed lower on Friday.

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Foreign investors reduced sales

Brent crude, the global oil standard, rose 0.51 percent to $85.43 per barrel. According to stock market data, foreign institutional investors (FIIs) made a net sale of shares worth Rs 23.09 crore on Friday. On Friday, BSE Sensex fell 210.45 points to close at 79,032.73, while Nifty fell 33.90 points to 24,010.60.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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