Sensex hits record high, Nifty jumps 216 points amid firm global equities
Mumbai, November 24
Equity benchmark BSE Sensex closed at an all-time high of 62,272.68 on Thursday, tracking a firm trend in global markets after the US Fed minutes indicated a slower pace of rate increase that bolstered investors’ sentiment.
Extending its rally to the third straight day, the 30-share BSE benchmark rallied 762.10 points or 1.24 per cent to settle at 62,272.68, its record closing peak. During the day, it jumped 901.75 points or 1.46 per cent to its lifetime high of 62,412.33.
The broader NSE Nifty gained 216.85 points or 1.19 per cent to end at 18,484.10. During the day, it hit its 52-week high of 18,529.70, higher by 262.45 points or 1.43 per cent.
“Two triggers assisted the Sensex rally to record highs. One, in the mother market US, the market construct turned favourable with rising equities, declining bond yields and falling dollar. Two, macro developments in India show steady rise in credit growth and capex indicating strong economic recovery.
“Along with this, sharp correction in crude is a big positive. This has facilitated this Sensex rally led by large-caps, mainly the HDFC twins, Infosys, TCS and RIL,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
From the Sensex pack, HCL Technologies, Infosys, Wipro, Power Grid, Tech Mahindra, Tata Consultancy Services, Hindustan Unilever, HDFC, HDFC Bank and Mahindra & Mahindra were among the major winners.
Bajaj Finserv, Tata Steel, Bajaj Finance and Kotak Mahindra Bank were the laggards.
Elsewhere in Asia, markets in Seoul, Tokyo and Hong Kong ended in the green, while Shanghai settled lower.
Equity exchanges in Europe were trading in the green in the afternoon trade. Wall Street had ended higher on Wednesday.
“Led by broad-based buying, domestic indices witnessed solid gains as investors digested the latest Federal Open Market Committee (FOMC) meeting minutes, which hinted that the rate hike cycle may be slowing down. The optimism was further boosted by falling crude prices and the declining dollar index. Crude oil prices dropped over talks of a possible price cap on Russian oil and a rise in US product stockpiles,” said Vinod Nair, Head of Research at Geojit Financial Services.
International oil benchmark Brent crude was trading 0.46 per cent lower at USD 85.02 per barrel.
Foreign Institutional Investors (FIIs) offloaded shares worth Rs 789.86 crore on Wednesday, as per exchange data.
For all the latest business News Click Here