Guwahati: The Indian market indices began the new week on a high note, continuing their recent advances. The benchmark Sensex has reached a fresh record high.
Sensex traded at 62,393.27 points at the time this story was written up 99.63 points or 0.16 percent while Nifty traded at 18,536.10 points, up 23.35 points or 0.13 percent.
According to data from the National Stock Exchange, the top five gainers among the Nifty 50 equities are BPCL, CBI Life, Hero Motocorp, Reliance Industries and Tata Motors, while the top five losers are Hindalco, Apollo Hospitals, HDFC, JSW Steel and HDFC Bank.
Indian stock markets were buoyed by strong inflows of foreign capital, a relatively strong Rupee and an indication from the US Federal Reserve that it would be slowing down on policy rates.
According to the minutes of the US Federal Reserve’s most recent monetary policy review meeting, a sizable majority of participants believed that a slowdown in the rate of policy rate increases would probably “soon be appropriate.”
Regarding foreign money, NSDL statistics revealed that they have so far in November invested Rs 31,630 crore in Indian stocks.
“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, the rupee began at 81.77 against the dollar up from its Friday closing price of 81.69.
For the record, the rupee crossed the 83 threshold for the first time in its history in October. The rupee has declined by about 7-9% so far this year.