Stock Market Analysis: Indian shares rise for the sixth consecutive day, Rupee recovers from record low

stock market trading
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The stock market is maintaining its edge for the sixth consecutive day. The market has been supported by strength in banking and financial sector stocks and relatively good results of the companies in the second quarter of the financial year. On Friday, at 9:45 am, the Sensex was seen trading at 59,475.40 with a gain of 272.50 points. In this way, it gained 0.46% percent. On the other hand, Nifty is trading at 17,635.75 points with a strength of 0.41% (about 71.80 points).

In the early trade, 32 of the 50 stocks of Nifty were seen trading on the green mark while the remaining 18 were seen trading on the red mark. The rise in Indian stocks was largely driven by gains in IT and banking stocks. After the good results of IT companies in the second quarter, now the second quarter results of leading banks are also looking positive. This shows that the market remains positive with respect to corporate earnings. Axis Bank and ITC’s results beat estimates in the second quarter.

According to VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, the PSU Bank index also shows potential to continue its strong performance. The rupee has also started recovering from its record low. Let us inform that in the last two days of trading, the rupee had slipped below its all-time low of Rs 83.

In the last minutes of the trading session of the previous day, the rupee managed to handle its fall to some extent. Experts believe that this also sent a positive message to the stock market. According to a note by Jatin Trivedi, VP Research Analyst, LKP Securities, the movement of capital market is looking positive, due to which the rupee may strengthen a little more. Rupee can trade with volatility in the range of Rs 82 to Rs 83.

Expansion

The stock market is maintaining its edge for the sixth consecutive day. The market has been supported by strength in banking and financial sector stocks and relatively good results of the companies in the second quarter of the financial year. On Friday, at 9:45 am, the Sensex was seen trading at 59,475.40 with a gain of 272.50 points. In this way, it gained 0.46% percent. On the other hand, Nifty is trading at 17,635.75 points with a strength of 0.41% (about 71.80 points).

In the early trade, 32 of the 50 stocks of Nifty were seen trading on the green mark while the remaining 18 were seen trading on the red mark. The rise in Indian stocks was largely driven by gains in IT and banking stocks. After the good results of IT companies in the second quarter, now the second quarter results of leading banks are also looking positive. This shows that the market remains positive with respect to corporate earnings. Axis Bank and ITC’s results beat estimates in the second quarter.

According to VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, the PSU Bank index also shows potential to continue its strong performance. The rupee has also started recovering from its record low. Let us inform that in the last two days of trading, the rupee had slipped below its all-time low of Rs 83.

In the last minutes of the trading session of the previous day, the rupee managed to handle its fall to some extent. Experts believe that this also sent a positive message to the stock market. According to a note by Jatin Trivedi, VP Research Analyst, LKP Securities, the movement of capital market is looking positive, due to which the rupee may strengthen a little more. Rupee can trade with volatility in the range of Rs 82 to Rs 83.