JUST IN
Sebi proposes bondholders' nod for related party transactions for companies
Markets gain on dovish comments by US Fed chairman; Sensex rise 378 points
NSE Q3 net profit rises 55% to Rs 1,826 cr; revenue up 35% to Rs 3,263 cr
AEL adds another 20%, 7 Adani stocks up as group boosts investor confidence
Aditya Birla Group announces entry into premium casual dining space
Sebi allows 39 entities to use e-KYC Aadhaar authentication services in mkt
As volume challenges persist, Hero MotoCorp eyes recovery across segments
Sebi amends rules governing mode of payment by market intermediaries
Domestic shareholding NSE-listed firms hit fresh record high of 24.44%
Sebi considering easing of RPT norms for high-value debt listed entities
You are here: Home » Markets » News
Sebi reduces timeline to list debt securities issued on pvt placement basis
icon-arrow-left
Business Standard

Scaling a new peak: FPIs, global cues propel Sensex past 63,000 mark

FPIs bought shares worth Rs 9,010 crore on Wednesday, according to provisional data from exchanges

Topics
Sensex | Indian stock markets | Foreign Portfolio Investors

Sundar Sethuraman  |  Mumbai 

Illustration: Ajay Mohanty
The market breadth was favourable with 1,993 stocks advancing and 1,486 declining on BSE (Illustration: Ajay Mohanty)

India’s benchmark indices gained for seventh consecutive session on Wednesday, closing at fresh highs buoyed by positive global cues and strong buying by foreign portfolio investors (FPIs). The Sensex went past the 63,000 mark for the first time.

Though trading was range bound for most of the session, it picked up momentum in the last 30 minutes. The Sensex ended the session at 63,099, rising 418 points or 0.6 per cent. The Nifty closed at 18,758, gaining 140 points or 0.7 per cent. Both the indices ended the month with gains of around 4 per cent. The Sensex has added 1,955 points, or 3.2 per cent, in the past seven sessions.

FPIs bought shares worth Rs 9,010 crore on Wednesday, according to provisional data from the exchanges. The unusually high inflow tally was on account of MSCI rebalancing. Stocks such as Varun Beverages, Indian Hotels and Tube Investment saw massive buying by passive trackers.

Until Tuesday, FPIs had pumped in nearly Rs 30,000 crore in domestic stocks in November—the second-highest investment tally this year.

“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.

Investors are also hopeful of China easing its zero-Covid policy, and gains in European shares after Eurozone inflation eased further.

Scaling a new peak: FPIs, global cues propel Sensex past 63,000 mark

Besides, market participants are tracking US Federal Reserve Chairman Jerome Powell’s speech to get an idea of the rate-hike trajectory. The US Fed chief might indicate that the US central bank could reduce its rate hikes to 50 basis points, and at the same time he might warn that a tighter monetary regime needs to continue.

Oil prices rose for the second consecutive day amidst speculation that the OPEC bloc might agree to a production cut.

The market breadth was favourable with 1,993 stocks advancing and 1,486 declining on the BSE. More than two-thirds of Sensex stocks rose. Reliance Industries gained 0.8 per cent and contributed the most to the index’s gains, followed by HDFC Bank, which rose 0.7 per cent.

Scaling a new peak: FPIs, global cues propel Sensex past 63,000 mark

All sectoral indices ended in the green, with power rallying 2.35 per cent, followed by metal (up 1.96 per cent), auto (1.74 per cent), commodities (1.62 per cent), realty (1.54 per cent), telecommunication (1.44 per cent) and consumer discretionary (1.25 per cent).

Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

Read our full coverage on Sensex

First Published: Wed, November 30 2022. 20:06 IST

`
RECOMMENDED FOR YOU
.