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Stock Market BSE NSE Sensex Today Latest Update
The stock market also fluctuated considerably on Friday, but for the first time in a week the market managed to close with profit. The Sensex gained 1627.73 points, to close at 29,915.96 points and the Nifty gained 482.00 points to close at 8,749.70 points. The Sensex had gained 2130 points to 30,418.20 during the trading. Nifty also rose 619 points to 8,883.
4 reasons for market boom
- After the last four days of decline, investors purchased from lower levels.
- Major countries in the world are considering more relief measures to provide relief to businesses affected by coronavirus. A package of more than one trillion dollars is being discussed in the US.
- Major Asian markets, including the US, have boomed. This also improved the cinema in the Indian market.
- Crude oil prices have been witnessing a spurt for two days. This has increased the expectation that energy sector companies will not suffer much.
The stock market won’t close because of corona
Mumbai, Pune, Nagpur and Pimpri Chinchwad, four cities of Maharashtra worst affected by coronavirus, have been locked down. However, the necessary goods will continue to be available. The stock markets will also continue to function.
Shares of 55% companies jump on BSE
Fitch lowers GDP growth projection
Rating agency Fitch has lowered India’s GDP growth forecast from 5.6% to 5.1%. The estimate has been cut in view of the growing impact of corona virus.
The market has been in losses in the last four days
The market was in disadvantage in the last four days of this week. On Thursday, the Sensex was down 581.28 points at 28,288.23 and the Nifty was down 205.35 points at 8,263.45.
Foreign Markets Recent
The U.S. stock market closed with an edge on Thursday. The Dow Jones gained 0.95%, the S&P gained 0.47% and Nasdak by 2.30%. Asian markets also saw an edge. Hong Kong’s market saw a 0.47% spurt in the Chinese market, up 2.94%.
Rupee weakens 8 paise
The rupee also made a good start against the dollar. The rupee strengthened 34 paise, to 74.78. But, with a decline of 8 paise to close at 75.20. On Thursday, 86 paise fell to a low of 75.12.
Task Force to assess corona’s impact on economy
The Government has set up a task force to assess the impact of coronavirus on the country’s economy and give necessary suggestions. Finance Minister Nirmala Sitharaman will preside over it. This was announced by Prime Minister Narendra Modi in his address to the nation on Thursday night.