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Sensex, Nifty touch fresh lifetime highs

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New Delhi | November 29, 2022 10:30:12 AM IST
Extending gains from the previous session, Indian stock indices rose this morning and hit fresh lifetime highs.

The robust inflows of foreign funds, relative strength of the Rupee, and hint by the US Fed on slowing down on policy rates supported Indian stock markets.

At the time of writing this report, Sensex traded at 62,706.73 points, up 201.93 points or 0.32 per cent, whereas Nifty traded at 18,626.70 points, up 63.95 points or 0.34 per cent.

The minutes of the US Federal Reserve's latest monetary policy review meeting showed a substantial majority of members judged that a slowing in the pace of increase in policy rates would likely "soon be appropriate".

Coming to foreign funds, they have purchased over Rs 31,000 crore worth of equities in India so far in November, NSDL data showed.

Among the Nifty 50 companies, Apollo Hospitals, Hindustan Unilever, Dr Reddy's, Hindalco, and Tata Steel are the top gainers, whereas Bajaj Finserv, Tata Motors, BPCL, L&T, and Maruti Suzuki are the top losers, National Stock Exchange data showed.

"Nifty rising to a new record... is indicative of the underlying bullishness in the market. But the global market construct is not very favourable for the rally to continue unabated. Also, the high valuation in India is becoming a matter of concern," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"Banking stocks can remain resilient in spite of record levels. Comments and indications on the trajectory of US interest rates are more likely to impact global equity markets more than anything else."

According to Dhiraj Relli, MD and CEO, of HDFC Securities: "The undertone of the Indian market remains bullish despite the global headwinds. Indian markets could continue to do well with some intermittent corrections till the forthcoming Union Budget." (ANI)

 
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