Wealth Of Equity Investors Swells over Rs 3 Lakh Crore as Sensex, Nifty Extend Gains For Second Day – News18

Indian benchmark indices, BSE Sensex and Nifty 50 ended in green on Thursday, November 16, extending the rally for second straight day. All the sectoral indices closed in green despite a volatile session amid buying in information technology, oil and gas, auto and pharma sectors, according to Moneycontrol.

BSE Sensex closed 306.55 points higher, up 0.47%, at 65,982.48, while Nifty ended 89.70 points, or 0.46%, higher at 19,765.20 on Thursday’s close. Among the sectors, IT and reality were top performers while other sectoral indices also ended in green.

Amid weak trends in the Asian markets, the benchmark equity indices had declined in early trade on Wednesday but bounced back by the end of the session much to the relief of the investors. As the key benchmark indices closed in green on Wednesday the investors’ wealth increased by Rs 3.29 lakh crore.

The Sensex recorded a gain of 214.39 points, reaching 65,675.93, while the Nifty showed an increase of 93.6 points, closing at 19,765.20. Bajaj Finance, Induslnd Bank, Power Grid, Bajaj Finserv, JSW Steel, Titan and Tata Steel were the major underperformers among the Sensex firms. On the other hand, National Thermal Power Corporation (NTPC), Tata Consultancy Services (TCS), Tata Motors, Tech Mahindra, Infosys, Wipro, Reliance Industries, Axis Bank and HCL Technologies recorded gains on Wednesday.

In the Asian markets, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng were in the lead. In the major European markets, there was a bullish trend. Global Oil benchmark Brent Crude was trading at 0.78% lower at $80.57 per barrel.

As per the official data, retail inflation fell to a four-month low of 4.87% in October. Meanwhile, the wholesale inflation declined for the seventh consecutive month. It remained at -0.52%.

Explaining the Nifty gains, Aditya Gaggar, Director of Progressive Shares said, “Following strong domestic as well as global cues, Nifty 50 commenced the day on a firm note and gradually compounded its gains to settle at 19,675.45, advanced by 231.90 points.”

He added that as per the daily chart, the Index made the shape of a long-legged Doji candlestick pattern. He pointed out that it had breached its falling trendline but ended with a strong close above its 50 Day Moving Average (DMA) (19,580), which indicates bullishness in the market. The Index faces a hurdle at 19,840 while the downside is safeguarded within the range of 19,550-19,580.