Indian stock indices opened on a positive note.
Mumbai:
Indian stock indices traded sharply higher this morning and hit their lifetime highs for the fourth straight day.
At 9.31 am, the Sensex was up 372.27 points or 0.59 per cent at 63,471.92, while the Nifty was up 98.85 points or 0.53 per cent at 18,857.20.
The Sensex crossed the 63,000 level on Wednesday. It took the markets 14 months to cover 60,000 to 63,000.
Among Nifty 50 stocks, Hindalco, Tech Mahindra, HCL Tech, Infosys and TCS were the top five gainers, while Bajaj Auto, Hindustan Unilever, Eicher Motors, UPL and Cipla were the top five losers, data from the National Stock Exchange showed.
Strong foreign fund inflows into Indian equities, rupee appreciation, and signs of a modest hike in interest rates by the US central bank supported investor sentiment.
US Federal Reserve Chairman Jerome Powell hinted about raising interest rates at the next monetary policy meeting on Wednesday (local time).
“The time may come to reduce the pace of rate hikes at the December meeting,” Powell said at an event.
Among foreign funds, foreign portfolio investors bought equities worth Rs 36,239 crore in India in November, NSDL data showed.
“Fed chief Powell’s observation that ‘it makes sense to moderate the pace of rate hikes’ has come as a shot in the arm for bulls to extend the ongoing rally. Dollar index at 105.5 and US 10 The sharp fall in bond yields to 3.63 per cent is highly favorable for continued foreign fund inflows, said VK Vijayakumar, chief investment strategist at Geojit Financial Services.
Besides, the rupee opened at 81.07 as against the previous session’s close of 81.42. For the record, in October the rupee crossed the 83 mark for the first time in its history.
ICICI Direct, which is part of ICICI Securities, expects the rupee to move towards the 80 level by the end of this financial year 2022-23, which ends in March.
Raj Deepak Singh, Analyst – F&O, Currency & Commodity, “We will not be surprised even if it breaks the key support level of 80 and moves further up to 79.00. We believe the rupee is likely to face a strong resistance near 83.50.” may face.” Said in ICICI Direct.
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The market climbed more than 1%, closed at a new record level
