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With the opening of the stock market on Monday, the Sensex is trading 700 points higher than Friday, while the Nifty is trading at the level of 15,900. Shares of Wipro Tech and Tech Mahindra are seeing a rise of up to 2 percent.
Looking at the strength of Nifty futures on the Singapore Exchange, the Indian market is also expected to strengthen. On the Singapore Exchange, Nifty futures are trading at 15,863.50 points, up about 1.03 per cent, up 162.5 points. Due to this rise in SGX Nifty, the mood in Dalal Street has also been expected to be good. Shares in Asian markets seem to be rallying. Wall Street’s mood changed due to the stability in oil prices, its benefit is visible in Asian markets. However, there is still a risk of rate hike due to inflation in US markets.
On Friday, June 24, the Sensex closed 462 points higher at 52,728 while the Nifty closed 143 points higher at 15,699 points. Due to this strength of the market, a small bullish candle was formed on the data chart. The weekly chart also showed a bullish candle with an increase of 2.6 percent. However, looking at these bullish candles, we should not forget that the world markets are still in a bearish grip. FII is continuously selling in the Indian market.
On June 24, the last trading day of the last week, the stock market had seen an increase of about one percent. The rally in the market was driven by buying in banking, financial services, auto, FMCG and metal stocks.