Indian markets touch new highs on Monday
Mumbai, November 28, 2022
The Indian stock markets flared up on Monday with the BSE Sensex and the NSE Nifty touching record highs.
The Sensex opened at 62,016.35 points and touched a high of 62,661.40 points and a low of 61,959.74 points during the day. The Sensex had previously closed at 62,293.64 points.
After coming below 62,000 points, the Sensex rallied up to cross again that milestone and later came down.
The Sensex's earlier all-time high was 62,245.43 which was on 19.10.2021, as per BSE.
At the NSE, the Nifty opened 18,430.55 points after previously closing at 18,512.75 points. It rallied up to 18,604.35 points and touched a low of 18,365.60 points.
Ajay Menon, MD & CEO, Broking & Distribution, Motilal Oswal Financial Services Ltd, said, "Nifty today touched its all-time high after its recent rally of more than 10 per cent over the last two months. Strong domestic macros, robust earnings growth and sharp correction in oil prices is big positive for Indian equities. For Q2FY23, Nifty companies grew by 9 per cent as compared to expectations of flattish growth. Excluding the global commodities, the growth stood out strong at 33 per cent.
"Going ahead, too, we expect the momentum to remain strong with expectation of Nifty earnings CAGR of 17 per cent over next two years. The oil prices have corrected by ~15 per cent and fallen to just above $80/bbl which is positive for our oil import dependent economy. Even the wholesale and the retail inflation has cooled off and is showing signs of peaking out.
"Now the Fed's commentary on slowing down the pace of rate hike has given a boost to the global sentiments which, along with strong domestic fundamentals is proving to be a boom for the Indian equities. At the same time, the festive season this year witnessed a buoyant demand - being the first one without any restrictions post two years of COVID. The buoyancy in demand is expected to continue with the onset of marriage season. Apart from this, bank credit continues to grow in late teens over last few months and is expected to continue this uptrend with the pickup in capex from H2. India is entering a big capex upcycle which would provide a leg-up to the overall economy."