Indian stock markets end Nov at record highs
For the third straight day this week, the Indian stock markets went up with the Sensex of BSE and Nifty of NSE touching new heights on Wednesday and ended the month on that note.
image for illustrative purpose
Chennai, Nov 30 For the third straight day this week, the Indian stock markets went up with the Sensex of BSE and Nifty of NSE touching new heights on Wednesday and ended the month on that note.
The Sensex of BSE touched a record high of 63,303.31 points after opening at 62,743.47 points and touched a low of 62,648.38 points.
It had closed at 63,099.65 points, up by 417.81 points.
At the NSE, the Nifty opened 18,625.70 points after previously closing at 18,618.05 points.
Then the Nifty rallied up to a record level of 18,816.05 points and touched a low of 18,616.55 points and closed at 18,758.35 points.
"Nifty made yet another fresh high on November 30 and ended the month in style gaining 4.14 per cent. It closed 0.75 per cent or 140.3 points higher at 18,758.4. MSCI rebalancing trades and basket buying by FPIs in the last half hour pushed up indices towards the end of the session," said Deepak Jasani, Head-Retail Research, HDFC Securities.
According to him, cash volumes on the NSE were the highest in six months. Midcap index outperformed the Nifty.
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, Jasani added.
Nifty continues its march upwards with sharp spikes thrown in between. The fact that the large trades that happened on November 30 may not be repeated soon, means that Nifty could now rise gradually with some minor corrections thrown in between. On falls 18,614-18,678 bands could provide support, he added.
"Domestic market continued its quest for gains, boosted by FII inflows. However, markets will be sensitive to the Fed Chair's remarks later in the day, as investors are expecting a moderation in the pace of rate hikes," Vinod Nair, Head-Research, Geojit Financial Services said.
According to Mitul Shah, Head - Research, Reliance Securities, the domestic equities closed higher led by broad-based gains across sectors, despite weak global markets.
Shah said all the sectoral indices ended in green except Nifty PSU Bank. The free trade agreement between India and Australia will come into force from December 29, a move which will help in almost doubling the bilateral commerce to $45-50bn in about five years.
