This company will cease to be listed on the stock exchangeImage credit source: Freepik
For the second consecutive day, the stock market maintained its belief that even if there is some kind of crisis in the US, investors will not see any pressure on the market. If you combine Monday and Tuesday, Sensex has seen a rise of over 700 points. Chief among them is the slight improvement in the inflation figures in the US and the reduction of GST on cancer drugs at the GST meeting. Due to which there was a surge in the stocks of pharmaceutical companies.
On the other hand, a surge has also been seen in IT stocks. There has been a surge in IT stocks due to the cut in the estimates of US inflation data. Due to which, along with Sensex, Nifty has also seen a surge. Due to this surge, the stock market investors have made a profit of Rs 3.41 lakh crore. Let us also tell you how much growth has been seen in the stock market in two days.
The stock market rises for the second consecutive day
The stock market’s rise for the second consecutive day proved that moves in the US or global markets make no difference. The main index of the Bombay Stock Exchange, Sensex, closed at 81,921.29 points with a gain of 361.75 points. According to the data, the Sensex had crossed 82,196.55 points during the trading session. However, today the Sensex opened at 81,768.72 points. Even a day ago, Sensex had seen a rise of over 300 points. This means that the Sensex has seen a rise of 737.36 points in two days.
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On the other hand, a rise was also seen in Nifty, the main index of the National Stock Exchange. According to the data, Nifty closed at 25,041.10 points with an increase of about 105 points. However, Nifty also hit the day’s high during the trading session at 25,130.50 points. However, Nifty opened with a rise this morning at 24,999.40 points. A rise was seen in Nifty even a day ago and in two days, it has seen an increase of 188.95 points.
Which stocks went up and down?
Of the Sensex, HCL Tech, Bharti Airtel, NTPC, Power Grid, Axis Bank and TCS saw a rise of 1-2 per cent. On the contrary, Bajaj Finserv, Bajaj Finance, HUL, M&M and Tata Motors closed in the red. Insurance stocks including SBI Life, HDFC Life and Star Health fell as much as 4.4 per cent after the GST Council postponed the decision to reduce GST on insurance premiums and constituted a new Govt to review the rates.
Meanwhile, shares of snack makers such as Bikaji Foods, Gopal Snacks and Pratap Snacks rose as much as 7.4 per cent after the GST Council recommended reducing the tax rate on namkeen from 18 per cent to 12 per cent. Sector-wise, Nifty IT rose 1.7 per cent while Nifty Media saw a rise of 2.7 per cent. The pharma index rose over 1 per cent after the GST Council recommended reducing tax rates on specific anti-cancer drugs.
What do investors expect from the Federal Reserve?
Investors are now focusing on Wednesday’s US inflation report, which could provide insight into whether the Federal Reserve will cut rates by a further 50 basis points than expected at its next meeting. Analysts expect US inflation to ease to 2.6 per cent on an annual basis in August from 2.9 per cent in July. Vinod Nair, head of research at Geojit Financial Services, said in a press briefing that the domestic market has slightly changed its stance in view of upcoming US inflation and possible Fed policy. US political risks and recession fears may signal near-term caution in global markets. On the domestic front, expectations of strong demand growth during the monsoon and festival season will weigh on investor sentiment.
