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HomeNewsScaling a new peak: FPIs, global cues propel Sensex past 63,000 mark

Scaling a new peak: FPIs, global cues propel Sensex past 63,000 mark

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India’s benchmark indices gained for seventh consecutive session on Wednesday, closing at fresh highs buoyed by positive global cues and strong buying by (FPIs). The went past the 63,000 mark for the first time.


Though trading was range bound for most of the session, it picked up momentum in the last 30 minutes. The ended the session at 63,099, rising 418 points or 0.6 per cent. The closed at 18,758, gaining 140 points or 0.7 per cent. Both the indices ended the month with gains of around 4 per cent. The has added 1,955 points, or 3.2 per cent, in the past seven sessions.


bought shares worth Rs 9,010 crore on Wednesday, according to provisional data from the exchanges. The unusually high inflow tally was on account of MSCI rebalancing. Stocks such as Varun Beverages, Indian Hotels and Tube Investment saw massive buying by passive trackers.


Until Tuesday, had pumped in nearly Rs 30,000 crore in domestic stocks in November—the second-highest investment tally this year.


“India is currently seen as a green shoot in an otherwise weak global economic scenario because of its strong macroeconomic performance in recent months,” said Shrikant Chouhan, head of equity research (retail), Kotak Securities.


Investors are also hopeful of China easing its zero-Covid policy, and gains in European shares after Eurozone inflation eased further.


Scaling a new peak: FPIs, global cues propel Sensex past 63,000 mark


Besides, market participants are tracking US Federal Reserve Chairman Jerome Powell’s speech to get an idea of the rate-hike trajectory. The US Fed chief might indicate that the US central bank could reduce its rate hikes to 50 basis points, and at the same time he might warn that a tighter monetary regime needs to continue.


Oil prices rose for the second consecutive day amidst speculation that the OPEC bloc might agree to a production cut.


The market breadth was favourable with 1,993 stocks advancing and 1,486 declining on the . More than two-thirds of Sensex stocks rose. Reliance Industries gained 0.8 per cent and contributed the most to the index’s gains, followed by HDFC Bank, which rose 0.7 per cent.


Scaling a new peak: FPIs, global cues propel Sensex past 63,000 mark


All sectoral indices ended in the green, with power rallying 2.35 per cent, followed by metal (up 1.96 per cent), auto (1.74 per cent), commodities (1.62 per cent), realty (1.54 per cent), telecommunication (1.44 per cent) and consumer discretionary (1.25 per cent).

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