Sensex, Nifty50 rewrite all-time highs yet again – RIL, HDFC twins most active, ICICI Bank touches new 52-week high

• The 30-stock Sensex closed the day at 63,099, up 0.67%, while the 50-stock index Nifty50 closed at 18,758, up 0.75%.
• Earlier in the day, the 30-stock Sensex hit a high of 63,303, while the 50-scrip Nifty50 touched 18,816.
• This is the seventh consecutive day of gains for the Sensex and the Nifty50.
• Analysts are now expecting a further rally in the market that will take the Nifty50 past the 19,000 mark.
• Amongst the most active stocks on the Nifty50 index today were Reliance Industries, ICICI Bank, Infosys, HDFC, and HDFC Bank.

India’s benchmark indices Sensex and Nifty50 hit record highs for the third consecutive session on Wednesday, crossing their respective psychological barriers of 63,000 and 18,750, as the market found support from strong fundamentals and foreign inflows.

The market was also buoyed by hopes that the Reserve Bank of India would reduce the quantum of its interest rate hike next week. Moderating inflation, cooling crude prices and easing commodity prices are likely to influence the central bank to ease up on the rate hikes, analysts said.

Foreign institutional investors (FII) were net buyers on Wednesday, ploughing in ₹9,010 crore, while domestic institutional investors (DII) sold equities worth ₹4,056 crore.

Overall, FIIs invested ₹22,546 crore in November in equities, while DIIs sold ₹6,301 crore.

Earlier in the day, the 30-stock Sensex hit a high of 63,303, while the 50-scrip Nifty50 touched 18,816. The Sensex closed the day at 63,099, up 0.67%, while the 50-stock index Nifty50 closed at 18,758, up 0.75%.

This is the seventh consecutive day of gains for the two indices. In the last five trading sessions, the Sensex has gained 2.16% while the Nifty50 went up by 2.49%.

“The beauty of the current rally is that the market is finding support from new sectors every day. In the second half of 2022, there is a clear trend of outperformance of Indian equity markets. This trend is likely to continue despite the fact that we are trading at expensive valuations compared to most of our global peers, as our fundamentals are strong and we have strong support from domestic money,” said Santosh Meena, head of research at Swastika Investmart.

Analysts are now expecting a further rally in the market that will take the Nifty50 past the 19,000 mark.

“The rotational buying across sectors is fuelling the recent surge while the global markets are not offering any clear signal. We’re now eyeing a new milestone of the 19,000 mark in Nifty,” said Ajit Mishra, VP - technical research at Religare Broking.

All sectoral indices closed the day in the green today, with metals, auto, FMCG and realty being the top gainers. PSU banks was the only sectoral index to post a decline today.

Most of the Asian markets gained on Wednesday, with Hong Kong’s Hang Seng gaining the most at 2.33%, followed by Korea’s KOSPI at 1.61%. Brent crude oil gained over 2.2%, hovering around $86.1 per barrel.

Amongst the most active stocks on the Nifty50 index today were Reliance Industries, ICICI Bank, Infosys, HDFC, and HDFC Bank.

Meanwhile, the top gainers on the 50-stock index were Mahindra & Mahindra, Hindalco Industries, Grasim Industries, SBI Life Insurance and UltraTech Cement

Top gainers and losers on the NSE on Wednesday

All in all, 13 stocks hit fresh 52-week highs during the day, including ICICI Bank, Britannia, Apollo Tyres, Indian Railway Finance Corporation (IRFC) and Raymond.

The Rupee posted a big gain over the US dollar, rising 34 paise to close at 81.38. It had closed at 81.72 against the dollar on Tuesday. Earlier, analysts at ICICI Direct said that the worst might be over for the Rupee, and that it could appreciate to 80 per US Dollar by the end of FY23.

On the BSE, 1,993 stocks moved higher while 1,486 closed lower on Wednesday.

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