Stock Market Update: The blue-chip Sensex reached a record high on Monday thanks to advances in oil marketing businesses as crude prices declined as a result of demonstrations over tight zero-COVID rules in major Chinese cities.
Because of concerns over demonstrations in China over harsh COVID-19 limits, the main Indian indexes had opened lower, reflecting the dip in other Asian markets. 1.41% were lost by the MSCI Asia ex-Japan index.
But as oil prices plummeted more than $2 a barrel due to worries about demand fueled by the protests in China, the world’s top importer, Indian equities reversed course. India, which imports oil, often gains from reduced crude prices.
Sensex and Nifty
The S&P BSE Sensex rose as much as 0.31% to a record high of 62484.67. The NSE Nifty 50 index jumped 0.25% to a fresh 52-week high of 18565.95, around 40 points shy of its all-time high. The Nifty Midcap 100 and Nifty SmallCap 100 outperformed their larger peers, rising 0.72% and 1.12%, respectively. The Nifty oil and gas index rose over 1.5%. “Positive catalysts such as falling crude oil prices and U.S. dollar index could keep the markets in good stead,” said Prashanth Tapse, senior vice president (research) at Mehta Equities.
India’s most valuable company
The biggest lift to the Nifty came from Reliance Industries, the most valuable firm in India, which rose 2.6% to its highest level since mid-June following an initial 4.4% decline.
Together with Indian Oil Corp. and Oil India Ltd., the oil-to-chemicals conglomerate also contributed to the improvement of the energy index.
Stock Market Update: Increasing price of bikes
After announcing a price increase on its bikes and scooters beginning on December 1 to address costs associated with inflation, Hero Motocorp increased 3.5% to a more than two-month high.
After experiencing double-digit growth the previous quarter, the Indian economy is एक xpected to have grown at a more typical 6.2% annual rate in the quarter ending in September, according to a Reuters poll. On Wednesday, India’s GDP data is expected.
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