Stock market reaches new heights again

The stock market moved to new heights on December 7. The Nifty and Sensex are gained for the fifth day in a row.

Similarly, Nifty gained 97 points to close at 13,355. The Nifty closed above 13,300 for the first time. The Sensex gained 347 points to close at 45,426.

Shares of public sector banks played a major role in the market surge. The Nifty PSU Bank Index is up over 2 per cent. Pharma stocks also made gains. The Nifty Pharma index was up 1.64 per cent.

The majority of Nifty stocks traded higher today. Out of the 50 stocks in the Nifty, 31 stocks gained while 19 stocks lost. UPL, Adani Ports, Hindustan Unilever, Bharti Airtel and ONGC are the top five gainers in the Nifty. These stocks gained over 3 per cent.

ONGC Videsh Ltd., a subsidiary of ONGC, has discovered oil deposits in Colombia. This is the fourth oil deposit ONGC has discovered abroad. Following this news, ONGC’s share price has risen by more than 3 per cent.

The availability of funds is behind the current boom in the stock market. If there is no other negative news, the trend will continue.