Sensex up for 7th day, nears 62k

Sensex up for 7th day, nears 62k

Mumbai: Rising for the seventh consecutive session, the sensex gained 460 points on Monday and closed near the 62k mark at 61,766, a new life-high level. In a one-way run since October 6, the index has added nearly 1,600 points or 2.7% as unabated buying continued despite muted foreign activity, rising crude oil prices, a looming power crisis and weak economic data from China.
The day’s session also took India’s market capitalisation to about Rs 277.3 lakh crore, translating into $3.7 trillion — also a life-high figure. Foreign portfolio investors (FPIs) have net bought Indian stocks worth about Rs 730 crore this month, data collated from the BSE and CDSL showed. In contrast, net buying by FPIs in September was Rs 13,154 crore. In the past few weeks, there have been talks of a possible power crisis in India due to shortage of coal stock with power producers. In the past two days, however, unseasonal gave were a respite from the problem, analysts said.
Globally, recent data showed that crude oil prices are at about a seven-year high level, mainly due to increasing demand as supply of natural gas has fallen of late. On Monday evening, WTI crude was trading at over $82 per barrel while Brent crude was trading at near the $84.5 level. During the day China announced that for the quarter ended September, the world’s second-largest economy had grown at 4.9% compared to an estimated 5.1%, and 7.9% a year earlier.
While global factors limited gains in markets outside of India, the domestic market continued to scale new highs, backed mainly by strong corporate results.
According to Religare Broking VP (research) Ajit Mishra, in the absence of any major event, earnings will remain in focus and “we have a long list of index majors announcing their results this week”. Participants will be closely eyeing the management commentaries for the future growth outlook. “Global cues would also be on investors’ radar,” Mishra wrote in a post-market note.

Source link

Leave a Reply

Physical Address

304 North Cardinal St.
Dorchester Center, MA 02124