May 22nd 2024.
The stock market in Mumbai had a positive day on Wednesday, as major companies like Reliance Industries and Infosys saw an increase in buying. This boost came despite mixed signals from global markets. The BSE Sensex, a key index, closed at 74,221.06 with a gain of 267.75 points or 0.36 percent. Throughout the day, it had surged to a high of 74,307.79, a jump of 354.48 points or 0.47 percent. The NSE Nifty also showed growth, ending at 22,597.80 with an increase of 68.75 points or 0.31 percent.
Market experts believe that the positive trend in Indian markets is due to stable Q4 earnings and a decrease in election-related volatility. "Investors are feeling more confident as the monsoon season approaches, especially in the FMCG sector. However, we may see a slowdown in the short term as we wait for the results of the elections, with foreign institutional investors remaining cautious," said Vinod Nair, Head of Research at Geojit Financial Services.
Among the top performers in the Sensex were companies such as Hindustan Unilever, Reliance Industries, Infosys, Asian Paints, ITC, and UltraTech Cement. On the other hand, State Bank of India, JSW Steel, Axis Bank, ICICI Bank, Tata Steel, and Tata Motors were among the companies that saw a decline in their stocks.
In Asian markets, Shanghai saw an increase in the stock market, while Seoul, Tokyo, and Hong Kong saw a decrease. European markets also showed a downward trend, while Wall Street closed in the green on Tuesday. The global oil benchmark, Brent crude, saw a decline of 0.84 percent, settling at $82.18 per barrel.
According to exchange data, foreign institutional investors sold equities worth Rs 1,874.54 crore on Tuesday. The previous day, the BSE benchmark had seen a decline of 52.63 points or 0.07 percent to close at 73,953.31. However, the Nifty had ended on a positive note with a gain of 27.05 points or 0.12 percent, reaching 22,529.05. Overall, the market in Mumbai seems to be holding strong despite global uncertainties and the upcoming election results.
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