Monday, 1 December 2014

Sensex Touches 28822 Mark

Mumbai Sensex touched the record mark of 28822 on Friday and the all-round buying became the reason of the record breaking rise in the market. Although, the 30-shares BSE Index closed at 28694 on Friday jumped 255 points and the 50-share NSE Index closed at 8588 which got a jump of 94 points but before that it reached 8617 points.

The market got the benefit of fall in the prices of crude oil. When the market reached at the record level, then profit selling was also observed in the market. The mid cap shares too got a rise on Friday but the small cap shares were observed under pressure due to the profit selling. BSE mid-cap index ended with a gain of 1 percent and the sectors like Banking, Auto, Reality, Consumer Product and the capitalized companies got good ameliorations.  However, there was as partial tenderness in the IT and technology stocks, corporate news reported. shares of the major companies that got a hike include Punjab National Bank, Bank Of Baroda, Asian Paints, State Bank, IndusInd Bank, Axis Bank, Tata Motors, Tata Steel and Mahindra and Mahindra. The interesting thing was that, despite the period of rise, a lenicncy in the shares like Cairn India, Sesa Sterlite, JSPL, Bahrti Airtel, ONGC, Gail and Dr. Reddy’s was observed. In the mid cap shares like Jet Airways, Strides Arcola, Orient Bank, JK Bank and Syndicate Bank got the highest rise while Aban Offshore, Max India, Estageneca, AstraZeneca, Responsive Industries and Gateway Distriparks got the fall, as per corporate news.

On the whole, this is an indicative sign that the market might touch new heights and break its old records in the coming years. The rise in the value of the shares of various banks too is good news as they are going to play a vital role in the coming fiscal year. Undoubtedly, there are many reasons for the rise and the conflict going on in the Middle East countries is a big reason as the oil prices depend too much on these countries’ economy.

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