Share Market: Nifty crosses 14,700 while Sensex zooms to 49,000 mark

Share Market Today; Nifty crosses 14,700 and SENSEX zoomed to 49,000 mark

SENSEX soared 200 points and NIFTY crossed 14,700 on Thursday at 12:53 (IST). In the pre-open session, SENSEX zoomed to the 49,000 marks today morning. ONGC, Bajaj Finance and Bajaj Auto were the top index gainers.

Domestic market equity rates were therefore stepping the profit ladder today morning. The broader markets were in the green, the Bank Nifty was undergoing losses in trading.

After two consecutive days of maximum profits, the Nifty PSU Bank index and the Bank Nifty index, traded losses Thursday morning. Therefore, the Bank Nifty fell by 0.33 per cent while the Nifty PSU Bank index, dropped by 1.14 per cent.

Mohit Nigam, Head – PMS, Hem Securities says, “Benchmark Indices are expected to open on a positive note as indicated by trends on SGX Nifty. US Indices closed with gains as Dow Jones hits a fresh new all-time high and Asian markets also opened stronger with Nikkei trading 2% higher. Key companies announcing their quarterly results today include Adani Power, Coforge, Hero MotoCorp, Adani Transmission, P&G Health, Bluestar, Praj Industries and Tata Consumer. Immediate support and resistance for Nifty 50 are 14,500 and 14,800 respectively”.

RBI on MSMEs and small borrowers

Amidst the pandemic, the Reserve Bank of India has announced to support the small borrowers, MSMEs, and the healthcare sector in the country. RBI Governor, Shaktikanta Das says, “Borrowers i.e. individuals and small businesses and MSMEs having aggregate exposure of up to Rs 25 crore and who has not availed restructuring under any of the earlier restructuring frameworks, and who were classified as standard as on March 31, 2021, shall be eligible to be considered under Resolution Framework 2.0,”

Post the governor’s announcement, Financial Express reports financial and pharma sector stocks to be the ”top gainers”.

Moreover, the Second wave of the deadly coronavirus in the country reduced Job markets hereby in the month of April. The nearest closing figure registered for April was drop by 31% over March. Also hiring momentum slowed down and April emerges as the lowest count for the year 2021.

Today the National Stock Exchange website was facing lags early Thursday morning. Due to glitches faced by NSE website, the investors were unable to tract data.

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