Mumbai, June 24 (Agency)
The domestic stock market rose for the second consecutive day on Friday amid strength in global markets and the BSE Sensex closed with a gain of 462.26 points. Heavy buying in auto, banking and energy companies supported the market. Both the benchmark indices ended in gains on a weekly basis after falling for the past two weeks. The 30-share BSE Sensex closed at 52,727.98, up 462.26 points, or 0.88 per cent. The standard index had climbed up to 644.15 points during trading. Similarly, the Nifty of the National Stock Exchange also closed at 15,699.25, up 142.60 points, or 0.92 percent. Vinod Nair, Head of Research, Geojit Financial Services, said, “The domestic market maintained a positive trend with a firm trend in global markets and a fall in commodity prices. The market was supported by strong buying in sectors except information technology stocks.” Among the Sensex companies, Mahindra & Mahindra’s stock rose 4.28 per cent. IndusInd Bank, Bajaj Finance, Hindustan Unilever, ICICI Bank, Bharti Airtel, Reliance Industries, Tata Steel, HDFC Bank, HDFC, UltraTech Cement, Murthy, Kotak Bank, Axis Bank and SBI were also gainers. On the other hand, shares of Tech Mahindra, Infosys, HCL Technologies, TCS, Wipro and Sun Pharma closed down. Ajit Mishra, Research Vice President, Religare Broking Limited said, “The domestic stock market closed with gains for the second consecutive day on strong global cues. The market was supported by gains in finance, metal and state-run bank stocks.” Apart from this, BSE’s smallcap index rose 1.60 per cent and midcap index rose 1.53 per cent. On a weekly basis, the Sensex rose 2.66 per cent or 1,367 points. Earlier, it had been declining for two consecutive weeks. NSE Nifty also rose 2.64 per cent or 405.75 points. In other Asian markets, Japan’s Nikkei, Hong Kong’s Hang Seng, China’s Shanghai Composite and South Korea’s Kospi also closed strongly. Major markets in Europe remained firm during afternoon trading. The US stock market also closed with gains on Thursday. Meanwhile, Brent crude, the international oil standard, rose 1.11 percent to reach a price of $ 111.27 per barrel. According to the stock market data, the process of withdrawal of foreign institutional investors is going on in the capital market. He sold shares worth Rs 2,319.06 crore on Thursday.