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Stock Market Closed In Bullish Mood In Last Trading Week

 NEW DELHI:The trading week ended on Friday turned out to be a strong week for the domestic stock market. In the same trading week, the Sensex managed to reach the range of 57,000 points for the first time since April 29, while the Nifty managed to reach the range of 17 thousand for the first time after May 2. After the opening two days of trading throughout the week, the trend remained strong for three consecutive days on strong global cues and foreign investors' return as buyers in the Indian market.

The Indian stock market registered a jump of more than 2.6 percent during this trading week. After trading for the whole week, the BSE Sensex closed with a strength of 1,498.2 points or 2.67 percent and the Nifty of NSE closed with a strength of 438.80 points or 2.62 percent. Due to the performance of this trading week, the trading for the month of July ended with a strength of 8.53 percent overall.

During the trading week ended June 29, the Bombay Stock Exchange's (BSE) large cap index gained 2.5 percent overall. Shares of SBI Life Insurance, Bajaj Finance, Bajaj Finserv, IndusInd Bank and Tata Steel, included in this index, remained strong on the strength of buying. On the other hand, One 97 Communication (Paytm), PBI Fintech, Dr Reddy's Laboratories and Zomato remained weak on selling pressure.

Similarly, the BSE Midcap index also registered a strength of 1.6 per cent in the whole week's trading. Among the stocks included in the midcap index, Sun TV Network, Jindal Steel & Power, Page Industries, Hindustan Aeronautics, Adani Power, Bajaj Holdings & Investments and Nuvoco Vistas Corporation remained bullish. On the other hand, stocks like Indraprastha Gas, Mahindra & Mahindra Financial Services, Glaxo SmithKline Pharmaceuticals, Shriram Transport Finance Corporation and Biocon remained weak.

 

 

 Overall trading of shares of BSE Small Cap Index was up 1.02 percent this week. Among the stocks included in the small cap index, Cerebra Integrated Technology, Shree Rayalaseema High Strength, Yari Digital Integrated Services, Diamines & Chemicals, D-Link India, Naveen Fluorine International, Astra Microwave Products and Suryoday Small Finance Bank gained 15 to 27. A jump of up to percentage was recorded. On the other hand, shares of Hindustan Foods, Bajaj Hindustan Sugar, Steel Exchange India, Tanla Platforms and Sharda Cropchem fell between 15 and 26 per cent in the same index.

During the entire week's trading, Nifty's metal index recorded the highest gain of 7.7 percent. At the same time, the media index registered a strength of 5 percent and the IT index by 3.5 percent.

Among the Sensex stocks in terms of market cap, Tata Consultancy Services (TCS) was the biggest gainer in market capitalisation. On the other hand, Bajaj Finserv and Asian Paints stood second and third in terms of increase in market cap. On the other hand, Dr Reddy's Laboratories registered the largest decline in market capitalization in terms of market cap, while Kotak Mahindra Bank and Mahindra & Mahindra were second and third in terms of decline.

Experts believe that the strengthening of the stock market in the month of July, especially during the last trading week, was due to strong global cues and better quarterly results from the industry. According to Prashant Dhami, Vice President, Dhami Securities, during the last trading week, the US Federal Reserve announced a hike in interest rates. However, due to lower interest rate hike than previously estimated, positive sentiments were created among investors in the global market. Its effect was also seen in the form of a boom in the Indian market. Along with this, the recovery of the rupee in the currency market and the return of foreign investors as buyers in the domestic stock market also played an important role in the strength of the stock market.

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