ANI
28 Nov 2022, 19:48 GMT+10
Mumbai (Maharashtra) [India], November 28 (ANI): Sensex surged to a fresh lifetime high of 62,577.6 and settled at 62,504.80 and Nifty touched a lifetime high of 18,614.3 and ended the session at 18,562.75, a surge of 0.27 per cent over the previous close.
Broader market indices mirrored the gains in headline indices. Petrochemical converters led the gains, with RIL jumping over 3 per cent and automobile stocks also booked sharp gains.
Other various positive developments such as good corporate earnings and formal job creation in the country rebound in September, with net new subscriber addition under Employees' Provident Fund Organisation (EPFO) being 9.8 per cent higher at 1.68 million from 1.53 million in August.
Sensex outperformed other Asian equity benchmarks as prices of oil declined and eased inflation expectations in the country.
Among the Nifty 50 stocks, BPCL, CBI Life, Hero Motocorp, Reliance Industries, and Tata Motors are the top five gainers, while Hindalco, Apollo Hospitals, HDFC, JSW Steel, and HDFC Bank are the top five losers, National Stock Exchange data showed.
The robust inflows of foreign funds, relative strength in the rupee, and hint by the US Fed on slowing down on policy rates supported Indian stock markets.
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 Rs 31,630 crore worth of equities in India so far in November, NSDL data showed.
"Foreign portfolio investors (FPIs) continue to be bullish on India markets in comparison to the other emerging and developed markets. The testimonial to this is the consistent buying trend seen since October 2022," said Manoj Purohit, Partner and Leader - Financial Services Tax, BDO India.
"The Indian equity market has managed to attract foreign investors and the credit goes to the steady performance of the Indian economy despite the global headwinds of the ongoing military war, fluctuating fed rates and fear of recession knocking on the door," said Purohit.
Meanwhile, Rupee opened at 81.77 against the US dollar versus Friday's closing of 81.69.
For the record, in October, the rupee breached the 83 mark for the first time in its history. So far this year, the rupee has depreciated around 7-9 per cent. (ANI)Get a daily dose of Sacramento Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Sacramento Sun.
More InformationPALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...
FRANKLIN, Tennessee: Hundreds of thousands of Nissan and Infiniti vehicles are being recalled across the United States due to a potential...
REDMOND, Washington: Microsoft is the latest tech giant to announce significant job cuts, as the financial strain of building next-generation...
LONDON UK - U.S. stock markets were closed on Friday for Independence Day. Global Forex Markets Wrap Up Friday with Greeback Comeback...
SANTA CLARA, California: Nvidia came within a whisker of making financial history on July 3, briefly surpassing Apple's all-time market...
SACRAMENTO, California: California's multibillion-dollar farms are facing a growing crisis—not from drought or pests, but from a sudden...
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
MADRID, Spain: Liverpool footballer Diogo Jota and his younger brother, André Silva, have died in a car accident in Spain. Spanish...
LONDON, U.K.: An unrelenting heatwave sweeping across Europe has pushed early summer temperatures to historic highs, triggering deadly...
President Donald Trump's plans to build a space-based Golden Dome missile defense shield have drawn immediate criticism from China,...
NEW YORK CITY, New York: Paramount has agreed to pay US$16 million to settle a lawsuit brought by U.S. President Donald Trump over...
LONDON, U.K.: British Prime Minister Keir Starmer won a vote in Parliament this week to move ahead with changes to the country's welfare...