The Indian stock market’s index Sensex and Nifty closed in the green mark amid signs of Joe Biden’s victory in the US elections. On Thursday, both indices registered an increase for the fourth consecutive day on the basis of the increase in counting of votes and earlier. The Nifty easily managed to close above 12,100 on the basis of good bounce. BSE’s index Sensex also crossed 41000 easily. After a little clarity in the election results, both indexes showed an increase of around 1.20% amid decreasing volatility.
At the time of closing the market, 2 of the 50 stocks of Nifty remained in the red zone, while in 30 Sensex stocks of all companies were strong.
What was the reason?
In the atmosphere of the US election results, the bulls were caught in the stock market on Thursday since morning. On the basis of good signals from foreign markets, the Indian market also saw a good boom. With the arrival of Biden, the possibility of stimulus is increasing and the possibility of positive changes in immigration rules is also seen. Banking, tech and oil and gas sector stocks contributed to the boom in the Indian market on Thursday. In the macro market, the midcap 100 and the smallcap 100 closed in a positive direction on the path of their parent index. The Nifty Midcap saw a gain of 1.78% while the Smallcap grew by 1.72%.
Which sector did how well?
On Thursday, all sectors in the Nifty remained positive. In the banking, oil and gas, chemical sectors, where the growth was more than 2%, the telecom and pharma sectors grew by about 1%. Tech, and cement sectors grew by 1.5%, while metals saw a jump of more than 4%.
In the stocks that recorded the 5 highest gains in the Nifty, today the boom in 5 sectors was more than 5%. Shares of only 2 companies out of 50 of the Nifty 50 weakened. The reduction in these stocks also was less than 1%.
These stocks set the direction of the market
Nifty-50 shares seen the fastest in these stocks
Hindalco (+ 6.15%)
SBI (+ 5.63%)
IndusInd Bank (+ 5.36%)
Tata Steel (+ 5.35%)
BPCL (+ 5.00%)
These shares of Nifty-50 broke
Hero Moto Corp (-0.80%)
HDFC Life (-0.37%)
Stocks that are most active
By value, Reliance, SBI and Bajaj Finance were the three most active stocks in the Nifty 50, while stocks of SBI, NTPC and Tata Motors dominated the market by volume. The index Vix (VIX), which shows volatility in the market, saw a large decline of 9.66% on Thursday, after which it has moved from its favorable zone 20-18 to reach 20.96.
What is the signal for tomorrow?
The apparent consequences of the US elections will have a major impact on the market. Coronavirus related news, economy health and quarterly results will also be important factors. Volatility will remain in the market.