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The Indian stock market has been seeing a boom for the last few days and this trend continued on Wednesday. In early trade, both Sensex and Nifty saw a tremendous jump. The Sensex climbed 500 points and crossed 80,000 again. This year, this increase has been observed after the decline of about 12 to 15 percent in the Sensex. For the first time the Sensex crossed 80,000 in July 2024.
S & amp; P BSE Sensex climbed 580.19 points to 80,175.78 at 9.48 am while NSC Nifty 50 reached 24,336.75 with a jump of 169.50 points.
Why the market is climbing up today?
IT share behind this surge is seen in the market, tremendous purchases from foreign investors and positive global indications, especially from America. This bounce is being seen in the Sensex and Nifty when US President Donald Trump said that the tariffs imposed on imported goods from China after the deal will be cut heavy, although it will not be completely eliminated.
This comment by President Trump promoted global markets, which has reduced concerns about trade tension between the US and China. Investors hope that the situation will improve further, which can help in international trade and commercial development.
Shopping from foreign investors
Another reason behind the rise in the Indian stock market is frequent purchases from foreign portfolio investors. After staying away from the Indian market for some time, they have returned to the last few sessions. Weak US dollars, better stock evaluation after a recent decline and India’s stable economy attracted them back. This new flow of foreign wealth helped to strengthen the Indian market.
IT shares boom
IT shares also played an important role in raising the market. HCL Technologies had a top -performance stock on BSE Sensex, which increased by 7.12 percent. This was followed by Tech Mahindra, which increased by 4.36 percent. Infosys has increased by 3.32 percent, Mahindra & Mahindra 2.82 percent and Tata Consultancy Services has increased by 2.30 percent.
The strong boom in Indian IT stocks shows the advantages in the American technology sector. On Nasdaq, over 3,500 shares increased in the last season, and technical giants such as Amazon and Nvidia increased by 3% in after-in-charge trading. Apple also saw an increase of 2%.
Also read: Will gold cross $ 4,000 by next year? Know what JP Morgan
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