Journalism of Courage
This is an archive article published on December 1, 2022
Sensex breaches 63K on FII buying boost
The 30-share BSE Sensex rose 417.81 points, or 0.67 per cent, to 63,099.65. The broader NSE Nifty closed at 18,758.35. a gain of 140.3 points, or 0.75 per cent.
Metals too saw fresh buying on hopes of change in China’s zero-covid policy. “Market has now entered in uncharted territory and we could continue to see positive momentum towards 19,000,” he said.
Domestic stock markets continued their rally on Wednesday, with BSE Sensex rising for the first time above 63,000 mark and Nifty finishing above 18,700 levels on Wednesday.
The 30-share BSE Sensex rose 417.81 points, or 0.67 per cent, to 63,099.65. The broader NSE Nifty closed at 18,758.35. a gain of 140.3 points, or 0.75 per cent.
“Sentiment turned extremely bullish towards the closing stages, as renewed foreign institutional buying propelled both the benchmark indices to scale fresh highs. India is currently seen as a green shoot in an otherwise weak global economic scenario because of its strong macroeconomic performance in recent months,” said Shrikant Chouhan, head of equity research (retail), Kotak Securities Ltd.
Foreign institutional investors (FIIs) net bought Rs 9,010.41 crore of shares from the domestic capital market, the BSE’s provisional data showed. In November, FIIs pumped in Rs 36,239 crore into domestic equities.
Domestic equities ended on strong note in November, making new highs during the last few sessions.
“The domestic rally since October was triggered when the global market started to perform well after a long period of consolidation in 2022. And got extended when crude and commodity international prices started to fall in November, uplifting India’s corporate earnings outlook,” said Vinod Nair, head of research, Geojit Financial Services.
According to HDFC Securities’ head of retail research Deepak Jasani, a Santa rally appeared to come early for some markets, with Asian shares set for their strongest month since 1998 and emerging market stocks poised for their biggest monthly surge since 2009.
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Except PSU banks, all sectors ended in green on Wednesday. Rally was seen in auto, metals, realty and oil & gas sector stocks. Auto stocks were in lime-light ahead of the release of November monthly sales numbers.
Buying was seen in oil & gas stocks after news reports suggested that the government might remove windfall taxes if crude fall to $75, Motilal Oswal Financial Services Ltd’s head (retail research) Siddhartha Khemka said.
Metals too saw fresh buying on hopes of change in China’s zero-covid policy.
“Market has now entered in uncharted territory and we could continue to see positive momentum towards 19,000,” he said.
© The Indian Express Pvt Ltd
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