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Stock market closed with gains; Sensex rose 356 points, Nifty crossed 25100
Market Closing Bell, Sensex-Nifty Closing Bell: The stock market closed in the green on Friday. The 30-share BSE Sensex jumped 355.97 points to close at 81,904.70 points. At the same time, the 50-share NSE Nifty closed at 25,114 with a gain of 108.50 points. Nifty closed with gains for the eighth consecutive day.
In line with the rise in the global market amid rising expectations of interest rate cuts by the US Federal Reserve next week, major stock market indices Sensex and Nifty increased on Friday. Optimism about the successful conclusion of India- US trade talks has also fueled market gains. The rupee closed 9 paise higher at 88. 88.26 (provisional) against the dollar from its all- time low.
The stock market ended with gains on Friday, the last trading day of the week. The 30- share BSE Sensex closed at 81, 81,904.70. 70 points, up 355.97. 97 points or 0. 44%, for the fifth consecutive day. During trading, it rose 444.12. 12 points or 0. 54% to 81, 81,992.85. 85 points. The 50- share NSE Nifty gained 108.50. 50 points or 0. 43% to 25, 114 points. This indicates a bullish trend for the eighth consecutive day.
Among the Sensex companies, Bharat Electronics, Bajaj Finance, Bajaj Finserv, Axis Bank, Maruti, and Tata Motors posted gains. Conversely, Eternal, Hindustan Unilever, Trent, and Titan lagged behind.
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Vinod Nair, Head of Research at Geojit Investments Ltd., stated that the Indian market closed at a three- week high due to renewed global enthusiasm over a possible interest rate cut by the Fed. He added that progress in US- India trade talks is expected to sustain the positive momentum in the near future.
In Asian markets, South Korea' s Kospi, Japan' s Nikkei 225, and Hong Kong' s Hang Seng closed in positive territory, while Shanghai' s SSE Composite index declined. Markets in Europe mostly traded lower. US markets closed higher on Thursday.
The global oil benchmark Brent crude rose 0. 47% to $ 66. 66.72 a barrel. According to exchange data, foreign institutional investors (FIIs) sold shares worth Rs 3, 3,472.37. 37 crore on Thursday, while domestic institutional investors (DIIs) bought shares worth Rs 4, 4,045.54. 54 crore. On Thursday, the Sensex finished 123.58. 58 points or 0. 15% higher at 81, 81,548.73. 73, marking its fourth consecutive gain. The Nifty increased 32. 40 points or 0. 13% to close at a nearly three- week high of 25, 25,005.50. 50, marking its seventh consecutive gain.
