Domestic stock markets closed with huge gains today as well. The Bombay Stock Exchange index Sensex rose 1,718 points to settle at 81,028, while the National Stock Exchange index Nifty gained 493 points to 25,030. It is noteworthy that the Indian stock markets continued their winning streak for the seventh consecutive day. Positive international and domestic signals were the main reasons for this huge rally.
Foreign portfolio investors made heavy purchases in the Indian markets and the support received from Asian and American markets strengthened investor sentiment. Shares of leading companies in the banking, IT, automobile and metal sectors rose sharply. The Nifty Bank index also gained over 1,300 points.
The market was buoyed by falling international crude oil prices, better quarterly results from companies, and investors’ enthusiasm to buy cheap stocks. The dominance of the bulls was evident from the start of trading. By the end of the session, the indices had crossed their key levels. The midcap and smallcap indices also recorded huge gains, increasing investor wealth significantly. With capital inflows remaining steady, there was a festive atmosphere on Dalal Street.
