Sensex closes 261 points higher at 77,764:Nifty settles at 24,270; realty, IT and pharma stocks see massive demand

Sensex closed 261 points higher at 77,764 on the last day of the trading week on Friday, while Nifty was up 95 points to settle at 24,270, amid demand for realty, IT, and pharma stocks. Market Update Top Nifty Gainers: Top Nifty Losers: Source: BSE/NSE Major reasons for the rise in the share market 1. Fear of interest rate hikes in America reduced Job growth in the US in June was significantly lower than expected. Data for the previous two months has also been revised downward. This indicates that the American labor market is now cooling down. Experts believe that the Federal Reserve (Fed) will not rush to raise interest rates. Lower rates increase foreign fund (FIIs) investment in emerging markets like India. 2. Strong buying in IT and banking shares Indian IT companies earn a major portion of their revenue from the American market. With expectations that interest rates would not rise, the IT index climbed 1.5% and led the rally. Crude oil prices have come down to pre-war levels, a major relief for India. Additionally, the strength in banking shares and good response from foreign investors (HNIs) in the FCNR (B) scheme provided support to the market. 3. Positive signals from global markets After a two-day decline in American tech shares, there was a spectacular recovery. Following this, Asian markets saw green across the board today. South Korea’s KOSPI index jumped 5%. Amid news of AI chip manufacturing, Samsung’s shares climbed 8%, improving sentiment across the Asian market. Asian markets saw bullish momentum American markets traded higher FIIs continue selling, offloading ₹312 crore in equities Sensex surged 579 points on Thursday The stock market saw gains on July 2. Sensex closed at 77,502, surging by 579 points. Meanwhile, Nifty gained 170 points. It closed at 24,176.