Sensex settles tad below 27,000,Nifty hits new 2016 high; 5 reasons why

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Benchmark indices BSE Sensex and NSE Nifty reclaimed their crucial psychological levels of 27,000 and 8,300 mark in the afternoon trade on Thursday.

Benchmark indices BSE Sensex and NSE Nifty reclaimed their crucial psychological levels of 27,000 and 8,300 mark in the afternoon trade on Thursday. At 2.22 pm, the 30-share index was trading 297.58 points up at 27034.97 while the 50-share index was up 101.95 points at 8,305.

Later, the 30-share index closed 259.33 points up at 26,999.72. Nifty settled 83.75 points up at 8,287.75 to close at its highest level of 2016.

                     

Below are five reasons which boosted markets sentiments in today’s trade.

1) Mark mood remained upbeat since morning on account of firm global cues as Brexit fears are slowly subsiding.

2) Sentiment also got a boost after the government cleared the recommendations of the 7th Pay Commission according to which the overall hike in salary and allowance of central government employees and pensioners comes to 23.5 per cent.

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3) Markets also cheered Parliamentary Affairs Minister Venkaiah Naidu’s statement that the government will seek to ensure that Goods and Services Tax (GST) Bill will be passed in the upcoming session of Parliament, scheduled from July 18 to August 12.

4) Meanwhile, after disappointing in first half of June, Monsoon have gathered pace in second half of the month, leading to significant drop in countrywide rainfall deficiency.

5) Indian rupee rose by 14 paise to 67.54 against the dollar in the morning trade which further boosted market sentiments.

 

 

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