Stock market boom.
Stock market boom.
Sensex Today: There has been a strong rise in the stock market after the spectacular performance of BJP in the assembly elections of five states. Sensex rose by 300 points today. It crossed 69,000 for the first time. Till the time of writing the news, Sensex is running at 69180. While Nifty increased by more than 100 points to reach 20,787. Due to BJP’s victory, expectations are increasing in the stock market for the last two days. Meanwhile, there is a possibility of a rate cut in the US in March and the country’s macroeconomic data has also strengthened.
Like yesterday, Adani Group shares have benefited a lot from today’s rally. Adani Enterprises shares rose 6 per cent to 2678, while Adani Green Energy shares rose 5.3 per cent, Adani Ports and Adani Total Gas gained over 4 per cent. Shares of Adani Energy Solutions and Adani Wilmar jumped more than three per cent.
Shares of these giants are rising
Index giants HDFC Bank, ICICI Bank opened with a gain of more than one percent. Similarly, shares of Axis Bank, Mahindra & Mahindra, HUL, SBI and Nestle are also rising. While shares of Infosys and UltraTech Cement declined. When the market opened today, Nifty was at 20808 and since then it has risen further. While Sensex opened at 69,168. Shares in other Asian markets fell to three-week lows on Tuesday.
After the rise in the US market last week, US stocks fell on Monday. Markets remain cautious ahead of US unemployment data. The US Fed may cut rates early next year.
ONGC to start production in KG Basin
According to media reports, ONGC may start producing crude oil in its Krishna Godavari Basin Project from next year. Crude oil production in KG basin has been significantly delayed due to geological issues and some other technical issues. Meanwhile, the rupee has weakened slightly against the US dollar and the price of one dollar is Rs 83.3775. On November 10, the rupee reached an all-time low of 83.42. With BJP’s victory in states like Rajasthan, Madhya Pradesh and Chhattisgarh, the market is hopeful that political stability will be maintained in the country. Due to this, the market has made a historical high today. Even in the upcoming Lok Sabha elections, BJP seems to be in a strong position and Prime Minister Narendra Modi has announced a hat-trick.
