- Indian benchmark indices Sensex and Nifty50 hit new all-time highs on Monday.
- While Sensex hit a new all-time high of 62,701, Nifty50 touched 18,614.
- Earlier in the morning, the 30-stock index Sensex opened 277 points lower at 62,016 while the Nifty50 opened 82 points lower at 18,431.
- Bharat Petroleum, Reliance Industries, and Hero MotoCorp were amongst the top gainers on Nifty50, while metal companies’ stocks dragged.
Indian benchmark indices hit new all-time highs on Monday led by oil and gas stocks, overcoming morning trade jitters. While the Sensex hit a new all-time high of 62,701, the Nifty50 scaled 18,614.
Earlier in the morning, the 30-stock Sensex
opened 277 points lower at 62,016 while the Nifty50 opened 82 points lower at 18,431.
On Friday, the Sensex had closed at 62,293 and the Nifty50 at 18,513.
“Nifty today touched its all-time high after its recent rally of more than 10% over 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% as compared to expectations of flattish growth,” said Ajay Menon, MD and CEO, broking and distribution, Motilal Oswal.
Brent crude was trading 2.8% down at $81.35 a barrel.
Bharat Petroleum Corporation and Reliance Industries were amongst the top gainers on the Nifty50 index at 1:30 p.m., while metal companies Hindalco, JSW Steel and Tata Steel were amongst the top losers.
The Nifty IT and Auto indices were amongst the top sectoral gainers, while the Nifty Metal and Realty indices were amongst the top losers.
Buoyant festive demand, cooling crude oil prices amongst tailwinds for Indian economy
According to Menon, the buoyancy in festive demand, which has boosted the auto sector among others, is expected to continue thanks to the marriage season. This year’s festive season was also the first uninterrupted one since 2020, giving buyers enough reason to splurge.
For instance, the auto sector has seen
registrations of passenger vehicles, commercial vehicles and tractors for October rise 35-66% from the 2019 levels.
“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,” Menon said.
On the jobs front, too, around 4,000 openings were posted every day during the festive season, which saw the
creation of 2 lakh jobs.
“Going ahead too we expect the momentum to remain strong with expectation of Nifty earnings compounded annual growth rate (CAGR) of 17% over the next two years. The oil prices have corrected by ~15% and fallen to just above $80 per barrel which is positive for our oil import dependent economy,” Menon added.
Top gainers and losers on the Nifty500
| Top gainers | Change | Top losers | Change |
| MSTC | 15.73% | Dish TV | -5.85% |
| Tanla Platforms | 11.99% | West Coast Paper Mills | -5.73% |
| Rail Vikas Nigam | 9.96% | Fino Payments Bank | -5.02% |
| JK Tyre | 9.74% | Hindustan Foods | -4.76% |
| Cosmo First | 8.68% | Ingersoll Rand (India) | -4.27% |
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