Sensex, Nifty Hit Fresh All-Time Highs For 3rd Consecutive Session; Rupee Close Positive At 81.68

Continuing the gaining streak for the fifth consecutive session, the BSE Sensex on Monday surged over 211.16 points to close at its all-time high of 62,504.80, helped by heavy buying in stocks such as Reliance Industries, Nestle India, Asian Paints. The NSE Nifty also rallied almost 50 points to close above the 18,500 level at 18,562.75, its lifetime high too. This is the third straight day for the equity market to post all-time high levels.

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Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower.

The rupee on Monday also closed marginally up by 3 paise at 81.68 to a US dollar amid lower crude prices and a firm trend in domestic equities, which boosted investor sentiment

During the trade on Monday, the Sensex opened 277.29 points lower at 62,293.64, compared with the previous close of 62,016.35. However, it later recovered and started going up. During the trading session, it touched a high of 62,701.40, its all-time high, and a low of 61,959.74. In the opening trade, the Nifty also slipped 30 points to 18,480.

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In the previous session on Friday, the Sensex rose 20.96 points or 0.03 per cent to settle at 62,293.64, its fresh record closing high. The Nifty also went up by 28.65 points or 0.15 per cent to end at 18,512.75, its all-time high.

Reliance Industries emerged as the biggest gainer among the 30 Sensex companies, surging 3.48 per cent, followed by Nestle India, Asian Paints, Bajaj Finserv, Wipro, ICICI Bank, IndusInd Bank and Bajaj Finance. On the other hand, Tata Steel, Bharti Airtel, HDFC twins, Mahindra & Mahindra, and HCL Tech were the biggest laggards.

Vinod Nair, head (research) at Geojit Financial Services, said, “Despite unfavourable global cues, the domestic market reversed its early losses to trade at record highs. Following the decline in oil prices, oil & gas stocks led the rally in anticipation of margin gains, as ongoing protests in China fuelled demand concerns. Going ahead, global markets will depend on Powell’s speech on Wednesday, which is crucial in maintaining the momentum, as the market seems to have factored in a moderation in the pace of rate hike.”

Shrikant Chouhan, head (equity research- retail) at Kotak Securities, said, “The benchmark indices held the positive momentum, the nifty ends 50 points higher while the Sensex was up by 211 points. Among sectors, oil & gas and energy indices rallied the most, whereas metal stocks corrected sharply as a result metal index shed over 1 per cent. On the backdrop of weak market conditions, our market opened with a red but after the early-morning correction, it bounce back sharply.”

Lakshmi Iyer, CEO (investment advisory) of Kotak Investment Advisors, said, “Sentiment and flows currently are acting as a strong catalyst for the markets which touched an all-time high. We are seeing domestic as also foreign investors being net buyers of equity aiding the momentum.”

Rupee Closes Marginally Up

The rupee on Monday closed marginally up by 3 paise at 81.68 to a US dollar amid lower crude prices and a firm trend in domestic equities, which boosted investor sentiment. A weak American currency and foreign fund inflows also supported the domestic unit. At the interbank exchange, the rupee opened 10 paise weaker at 81.81 but later recovered the losses. During the day, the rupee touched a high of 81.61 to a dollar and a low of 81.83 to a dollar.

On Friday, the domestic currency had closed at 81.71.

The dollar index, which gauges the greenback’s strength against a basket of six currencies, slipped 0.35 per cent to 105.59. Global oil benchmark Brent crude futures declined 3.10 per cent to $81.04 per barrel.

Foreign Institutional Investors (FIIs) were net buyers in the capital markets on Friday as they bought shares worth Rs 369.08 crore, according to exchange data. Foreign portfolio investors have rediscovered their liking for Indian equities, making a net investment of Rs 31,630 crore in November in hopes of an end to the aggressive rate hikes and positivity about overall macroeconomic trends.

Anil Kumar Bhansali, head (treasury) at Finrex Treasury Advisors, said, “The Indian rupee was in a range of 81.62 to 81.83 after opening weak at 81.80 as equities in India recovered though most Asian and European equities were all down, while Dow futures were down by 118 points. The RBI has not been allowing the rupee to move below 81.90 and above 81.40 for the past 8 days. The Nifty made a new all-time high and is one of the best-performing markets among all major economies. India’s resilience is to be watched in the next few weeks. The rupee accordingly continues to be in the range of 81.20 to 81.90 for this week also although the Asian currencies were weak on China protest concerns.”

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