Sensex, Nifty Hit Fresh Record Highs, End On Firm Note

(RTTNews) - Despite opening on a weak note following a negative lead from Asian markets, Indian shares recovered swiftly and moved higher on Monday thanks to sustained buying at several frontline counters, including Reliance Industries.

Asian stocks plunged today amidst a flare-up in protests against China's strict Covid curbs. The surging Covid caseload and the widespread protests in China dampened investor sentiment in most of the Asian markets.

The market shrugged off a report that showed a downward revision in India's growth forecast.

S&P Global Ratings on Monday has cut India's economic growth forecast for current fiscal year to 7 percent, although it said the domestic demand-led economy will be less impacted by the global slowdown. In September, the agency had projected a growth of 7.3 percent for the Indian economy, and 6.5 percent in 2023-24.

The benchmark S&P/TSX Composite Index, which opened nearly 280 points down at 62,016.35, rallied to high of 62,701.40 before eventually settling at 62,504.80 with a gain of 211.16 points or 0.34 percent.

The broader Nifty index of the National Stock Exchange ended up 50 points or 0.27 percent at 18,562.75, after scaling a low of 18,365.60 and a high of 18,614.25 intraday.

Both Sensex and the Nifty climbed to new all-time highs today.

Automobile and oil stocks posted strong gains, while metal stocks drifted lower.

Reliance Industries climbed about 3.5 percent. Nestle India, Asian Paints and Bajaj Finserv gained 1.2 to 1.4 percent.

Tata Steel, Bharti Airtel and HDFC Bank shed 1 to 1.25 percent, while HDFC, Mahindra & Mahindra and HCL Technologies lost 0.7 to 0.9 percent.

BPCL, up more than 5 percent, was the top gainer in the Nifty index. HeroMotocorp gained 2.4 percent after the company said it will hike the prices of its vehicles by Rs 1,500 effective from December 1.

Tata Consumer Products and SBI Life both ended higher by about 1.85 percent. Britannia Industries, Divi's Laboratories, Eicher Motors and IndusInd Bank also ended notably higher.

Hindalco drifted down 2.1 percent. Apollo Hospitals Enterprises, JSW Steel and Grasim Industries lost 1 to 1.4 percent.

The market breadth was positive. Out of 3,784 stocks seen in action on BSE, 2,092 stocks closed higher. 1,511 stocks drifted lower, and 181 stocks settled flat.