The Indian stock market started the day with a record increase

The Indian stock market has gained for the second consecutive day on Friday. Sensex is trading up 375 points at 51,490, and Nifty is up 120 points at 15,457. Metal and government banking stocks are the biggest gainers in the market.

In the Sensex, 12 of the 30 stocks experienced a rise. Reliance Industries rallied most in over two months on heavy trading volumes. It is trading with an increase of 6.2%. At the same time, Sun Pharma’s stock is trading down by 3.9% due to the sell-off in the pharmaceutical sector.

As for BSE, formerly Bombay Stock Exchange, 1,441 shares of the 3,222 stocks have been trading with a profit. Meanwhile, 1,609 have dropped.

Experts expect the stock market to reach new highs

The Indian market started the day with a record increase. The index opened 83.35 points above yesterday’s closing level at 15,421. It also reached 15,455 points during trading, the highest level ever. Similarly, Sensex also opened with an increase of 266.05 points at 51,381. Earlier on Thursday, the Sensex was up by 97.70 points at 51,115.22, and the Nifty gained 36.40 points to close at 15,337.85.

The rally in the market came as a surprise since the second wave of the pandemic continues to hit the economy. Nifty has surged more than 60% in the past year, outpacing every other primary equity benchmark worldwide.

However, Manish Jain, fund manager at Ambit Asset Management, considers that the rally in quality “Good & Clean stocks” has just started.

Traders have maintained the claim made in the next series if the market continues to boom. They believe the market can be forecast to go to new heights again in the coming weeks. According to experts, the Nifty may remain in the range of 15,600-15,800 this month. It is expected if the number of coronavirus infections decreased in June and July.