Share Market: There is a huge rise in the stock market on Monday. The Nifty watched the intraday high of 24190 and with this increase, the Nifty is now officially leading to the fast. On Monday, the Nifty not only broke the psychological level of 24,000, but also managed to break the 200 simple moving average on the daily chart.
The benchmark index reached its highest level after 6 January on Monday, leading to the fifth consecutive session. The strong US dollar and the strong income of large-cap banking stocks like ICICI Bank and HDFC Bank helped the index to reach a record high. The Nifty crossed a level of more than 50 1% to 24,150, while the BSE Sensex rose by 1,000 to 79,500 levels.
Due to these reasons on Monday, there was a boom in the market
Banking shares strongly boom
Banking stocks led to the lead in Monday’s boom. The Nifty Bank index crossed the 55,000 points for the first time due to the strong quarterly income of large private sector companies. HDFC Bank shares rose by about 2% to 52 weeks highest level to Rs 1,950.70, while ICICI Bank shares rose nearly 1% to a new all -time highest level of Rs 1,436.00.
FII purchase
Foreign institutional investors (FIIs) continued their purchases. On 17 April, he emerged as a pure buyer with an equity purchase of Rs 4,668 crore. In contrast, domestic institutional investors (DIIs) made profits by selling equity worth Rs 2,006 crore.
Weak dollars
On Monday, the US dollar came to a three -year low of 98.246 against the basket of major currencies, causing further boost to the Indian stock markets due to the weakening of the perception.
Weak dollars usually reduce India’s import bill and increases foreign capital flows in emerging markets. Madan Sabnavis, the chief economist of Bank of Baroda, said the weak dollars will definitely motivate investors to look out of the US and this would be a big opportunity for countries like India.
Tax exemption in america
The recent decision of US President Donald Trump to postpone the additional tariffs on 75 countries including India by July 9 promoted the notion of investors’ purchases.
Relief from crude oil prices
On Monday, oil prices declined by more than 1.5%, as investors focused on the concern that American tariffs could cause economic difficulty on business partners and disrupted fuel demand.
The post FII purchase or dollar weakness? Stock market boom due to ‘these’ reasons first appeared on News India Live | Breaking India News, The Indian Headline, India Express News, Fast India News.
