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Thursday, December 9, 2021

The stock market continued to rise, bank shares rose; fall on weekly basis

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Mumbai. The stock markets were bullish for the second consecutive day on Friday. The BSE Sensex was up 138 points with gains in banks, daily use goods companies (FMCG) and pharmaceutical companies. However, it declined during the week due to concerns about rising cases of delta infection of COVID-19.

Exiting volatile trade, the 30-share BSE Sensex rose 138.59 points, or 0.26 per cent, to end at 52,975.80. On the other hand, NSE Nifty gained 32 points, or 0.20 percent, to close at 15,856.05. ICICI Bank was the biggest gainer in the Sensex shares, up 3.18 per cent.

ICICI Bank has been bullish even before the results to be released on Saturday. Apart from this, ITC, SBI, HCL Tech, Axis Bank, Bajaj Finserv and Tech Mahindra were also leading gainers. They rose up to 2.56 percent. On the other hand, stocks including L&T, HUL, Reliance Industries, NTPC, Asian Paints and HDFC Bank fell up to 1.80 per cent. During the week, the Sensex fell 164.26 points, or 0.30 per cent, while the Nifty lost 67.5 points, or 0.42 per cent.

Joseph Thomas, Head of Research, Emkay Wealth Management said, “The market today witnessed strong listing of Zomato, one of the most anticipated IPOs in recent history. Although the enthusiasm was not widespread…. The weekly trend was also marginally negative as most of the indices declined during the week.

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According to Vinod Nair, Head of Research, Geojit Financial Services, “…high domestic inflows from local investors kept the domestic market bullish.”

He said, “Even with the better results of the companies, the attitude at home and abroad is positive. At the same time, in the upcoming meeting of the Federal Reserve, discussions are to be held on keeping the monetary policy soft. Attractive IPOs, shares of banks and realty companies attracted home buyers. On the other hand, there was a mixed trend in the shares of medium and small companies.

Among other Asian markets, Shanghai and Hong Kong ended with losses while Seoul closed with gains. After the European Central Bank reiterated its soft stance, there was a bullish trend in the major markets in mid-day trade. Meanwhile, international oil benchmark Brent crude fell 0.01 per cent to $73.78 a barrel.

The rupee strengthened by 6 paise to close at 74.40 against the US dollar. According to the data available with the stock market, foreign institutional investors were net sellers in the capital market on Thursday. He sold shares worth Rs 247.59 crore.

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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