The stock market continues to surge. The market followed the surge at the end of last week. The Sensex was up by 364 points and the Nifty by 95 points. Bank and finance stocks paved the way for the market surge.
The growth in the US market was also reflected in the Indian market. The US stock market hit a new all-time high on August 21.
The Sensex ended at 38,799 points on August 24. The Sensex had gained over 38,894.94 points during trading. Similarly, Nifty closed at 11,466 points. The stock had gained 11,497.25 points during the trading session.
With the Nifty breaking the key support level of 11,377, the jump is likely to continue. The Nifty is the next strongest at 11,550 points.
Twenty-eight stocks in the Nifty gained while 22 stocks lost ground. Zee Ltd, Kotak Mahindra Bank, IndusInd Bank, Bajaj Finance and HDFC Bank were the top five gainers in the Nifty. Zee Ltd. rose 4.76 per cent. Kotak Mahindra Bank, IndusInd Bank and Bajaj Finance gained over 3% each.
Similarly, Nifty Banking Index rose by 2.38 per cent. IDFC First Bank advanced 4.70 per cent. The Nifty Financial Services Index gained 2.07 per cent.
Powergrid, Mahindra & Mahindra, Adani Ports, Hindalco and Grasim are the top five losers in the Nifty. Powergrid fell 2%.
