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Friday, June 21, 2024

Stock Market Today: Benchmark indices continue rally for 7th day in a row; Rupee rises against dollar

Stock Market Today: Equity benchmark indices rallied for the seventh day in a row on Monday as investors maintained confidence in domestic markets. Reliance Industries and Tata Consultancy Services were bought, boosting stock market momentum. Early trading saw the 30-share BSE Sensex rise 293.7 points to 66,892.61. The Nifty rose 95 points to 19,914.95.

HCL Technologies, Maruti, State Bank of India, Tata Consultancy Services, Tata Motors, Wipro, Nestle, Reliance Industries, Larsen & Toubro, and UltraTech Cement were among the biggest Sensex gainers. Bharti Airtel and IndusInd Bank led.

Shanghai rose on Asian markets, while Seoul, Tokyo, and Hong Kong fell. The US stock market rose Friday. Brent crude for all crude oil fell 0.18 percent to USD 90.49 per barrel. On Friday, the BSE benchmark rose 333.35 points or 0.50 percent to 66,598.91. The Nifty index closed at 19,819.95, up 92.90 points, or 0.47 percent.

In the current bullish market, Nifty may attempt another record high to break 20,000. Investors should be cautious because fundamentals do not support a sustained rise above 20,000. Vijayakumar said. Foreign institutional investors (FIIs) sold stock worth Rs 224.22 crore on Friday, Exchange data shows.

The rupee rose 9 paise to 82.93 against the US dollar in early trade on Monday as domestic equity markets rose and the dollar fell against its main international rivals.

Forex traders say firm crude oil prices above USD 90 per barrel and foreign fund outflow hurt the Indian rupee.

At the interbank foreign exchange, the domestic currency opened 9 paise higher at 82.93 against the dollar in a range of 82.90 to 82.96. The rupee closed Friday at 83.02 per dollar.

Conclusion:-

Reliance Industries and Tata Consultancy Services bought into equity benchmark indices’ seventh-day rally on Monday. The BSE Sensex rose 293.7 points to 66,892.61 and the Nifty 92.90 to 19,819.95. HCL Technologies, Maruti, State Bank of India, Tata Consultancy Services, Tata Motors, Wipro, Nestle, Reliance Industries, Larsen & Toubro, and UltraTech Cement gained the most. Fundamentals do not support a sustained rise above 20,000, so investors should be cautious as the Nifty attempts another record high. Friday saw foreign institutional investors sell Rs 224.22 crore in stock. Early trade saw the rupee rise 9 paise to 82.93 per dollar.

Taushif Patel

Taushif Patel is a Author and Entrepreneur with 20 years of media industry experience. He is the co-founder of Target Media and publisher of INSPIRING LEADERS Magazine, Director of Times Applaud Pvt. Ltd.

Taushif Patelhttps://taushifpatel.com
Taushif Patel is a Author and Entrepreneur with 20 years of media industry experience. He is the co-founder of Target Media and publisher of INSPIRING LEADERS Magazine, Director of Times Applaud Pvt. Ltd.

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