Sensex, Nifty Close At A Record High For The Third Consecutive Session

Indian equity benchmarks scaled to new record highs on Monday, extending gains for the fifth straight session despite a sell-off in global risk markets on the uncertainty surrounding the unrest in China. .After hitting an intra-day record high of 62,701.40, the BSE Sensex index ended at 62,508.80, up 211.16 points, or 0.34 per cent, for the day, marking a new record high closing..The broader NSE Nifty, too, hit an intra-day high of 18,614.25, breaching its previous best of 18,604.45 in October last year. The Nifty ended with gains of 50 points, or 0.27 per cent, at 18,562.75, a new record-high closing..That comes after both benchmarks had closed at a new record high for the second consecutive day and marked a fourth straight session of gains on Friday..Reliance Industries was the top gainer in the Sensex pack, rising by 3.48 per cent. Nestle, Asian Paints, Bajaj Finserv, Wipro, ICICI Bank, and IndusInd Bank were the next highest gainers..The laggards included Mahindra & Mahindra, HDFC Bank, Bharti Airtel and Tata Steel.."The prospects for Indian markets remain bright over medium term as structural growth drivers for Indian economy are intact and India's macroeconomic parameters remain resilient against challenges in the global economy," said Hemant Kanawala, Executive Vice President and Head of Equity at Kotak Mahindra Life Insurance. .The rise in domestic stocks was driven largely by robust capital inflows on expectations the US Federal Reserve will taper its pace of future rate hikes as early as next month, easing inflation reports and a plunge in crude oil prices..Data from NSDL showed foreign investors had bought Indian equities worth ₹ 31,630 crore so far in November.."Foreign portfolio investors (FPIs) continue to be bullish on India markets compared to the other emerging and developed markets. The testimonial to this is the consistent buying trend seen since October 2022," Manoj Purohit, Partner and Leader - Financial Services Tax at BDO India, told ANI.."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," added Mr Purohit..But world shares plunged as growing unrest in China over Covid restrictions sent a shiver through global markets..The unrest in China complicates expectations of China's reopening, which -- along with prospects of more moderate Fed interest-rate increases -- had buoyed sentiment toward riskier assets in recent sessions. ."Markets will respond negatively to the widespread protests and rising case numbers, which are likely to trigger new supply-chain disruptions and dampen consumption demand, at least in the short term," Gabriel Wildau, Managing Director at Teneo Holdings LLC in New York, told Bloomberg. .Due to the developments in China, which punished risky assets and cast doubt on the future of energy demand, oil slumped to its lowest since December, adding more strain to the already unstable global crude market.

Sensex, Nifty Close At A Record High For The Third Consecutive Session

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