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share market | Stock market rises for the second consecutive day, Sensex rises by 145 points

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Mumbai: Domestic stock markets rose for the second consecutive day on Wednesday and the BSE Sensex gained 144.61 points. The fall in inflation in the US along with softening of inflation in the country strengthened the market. The 30-share BSE Sensex closed at 62,677.91, up 144.61 points, or 0.23 percent. It had climbed up to 301.81 points at one stage during trading. The National Stock Exchange’s Nifty also closed at 18,660.30 with a gain of 52.30 points, or 0.28 percent.

Tech Mahindra, Tata Steel, NTPC, IndusInd Bank, State Bank of India, Power Grid, HCL Technologies, Tata Consultancy Services and Larsen & Toubro were major gainers in the Sensex pack. On the other hand, losers included Nestle India, Bharti Airtel, ICICI Bank, Asian Paints, Hindustan Unilever and UltraTech Cement.

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Vinod Nair, Head of Research, Geojit Financial Services, said, “Demand for IT stocks coupled with lower than expected inflation across major global markets gave a boost to the domestic market.” Consumer Price Index based inflation in the US has come down to 7.1 percent in November. This has reduced the chances of the central bank Federal Reserve taking an aggressive stance on policy rates. He said, “Though the Federal Reserve may increase the policy rate by 0.50 per cent, but its statement on future inflation and interest rate will be important for the market.”

In other Asian markets, Kospi of South Korea, Nikkei of Japan, Shanghai Composite of China and Hangseng of Hong Kong were in the lead. There was a downward trend in early trading in major markets of Europe. The US market was booming on Tuesday. Meanwhile, international oil benchmark Brent crude declined 0.06 per cent to USD 80.63 per barrel. Foreign institutional investors (FIIs) bought shares worth Rs 619.92 crore on Tuesday, according to stock market data. (agency)

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