Stock market today: After the decline of yesterday in the stock market, on February 4, there is a great rise. The Sensex rose 861 points to 78,048.66 in early trade. At the same time, the Nifty also jumped more than 1 percent and reached beyond 23,600. The Nifty witnessed the biggest boom in the shares of Tata Motors, Lerson and Toubro, Mahindra & Mahindra, Adani Ports and SBI. Greenery also prevails in small and medium stocks. Except for the profit booking in FMCGS stocks, all the other sectoral index also remained in the green mark.
Market analysts say that there were 4 major reasons behind this boom in the stock market-
1) Relief in Trump’s tariff decision
US President Donald Trump announced to temporarily stop the additional tariffs imposed on the common coming from Mexico and Canada. This reduced the concern of investors. Earlier, the White House had decided to impose an additional 25% duty on imports from Canada and Mexico and 10% on goods coming from China, causing the threat of global trade war. But due to the delay in this decision, the market sensations have improved.
2) Factory output at 6 months high
India’s manufacturing sector is showing strength. The HSBC India Manufacturing PMI index rose to 57.7 in January, earlier 56.4 in December. Apart from this, the GST collection also reached the highest level in January with ₹ 1.92 lakh crore in January. Vikas Jain, Research Head of Reliance Securities, said, “Trump’s decisions like Trump’s decision to stop tariffs, strong domestic economic data and income tax exemption on income up to ₹ 12 lakhs have returned the trust of investors.”
3) Improvement in rupee
The rupee is trading at $ 86.98 per dollar to 13 paise from its record low level. The US dollar fell from 109.88 to 108.74 after Trump’s decision to ban the tariff, which strengthened the rupee. Dr. VK Vijaykumar, Chief Investment Strategist of Geojit Financial Services, said, “Domestic institutional investors (DIS) trends are moving towards consumption sectors due to weak dollars and budget elements.”
4) Asian markets boom
Sensex and Nifty got support in global markets rapidly today. Especially Asian stocks saw a good rise. Japan’s Nikkei 225, Hong Kong’s Hong Seng and South Korea’s Kospi Index rose by 1-2 percent, showing better investors worldwide.
Technical setup
Anand James, Chief Market of Geojit Financial Services, said, “Nifty has upheld the support level of 23,190. If it is standing above 23,320, then it can go within the radius of 23,700-23,840. Although a registration of 23,440 The level will be important. “
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