Home / Markets / Nifty, Sensex hit another record high despite shaky global cues

Indian stock market today hit fresh highs with both Sensex and Nifty hitting record levels despite shaky global cues as protests in China against zero-Covid policy hit equity markets around the world. At Close, the Sensex was up 211.16 points, or 0.34%, at 62,504.80 and the Nifty was up 50 points, or 0.27%, at 18,562.80.

On BSE, 2,090 shares advanced, 1,508 shares declined, and 186 shares remained unchanged out of the total 3,784 stocks that traded.

BSE Midcap and Smallcap indices added 0.7 percent each.

BPCL, Reliance Industries, Hero Moto, Tata Consumer Products and SBI Life Insurance were the top Nifty gainers, while losers were Hindalco Industries, JSW Steel, Apollo Hospitals, Tata Steel and Bharti Airtel.

Oil & Gas stocks got a boost due to the dip in global crude prices with the index jumping 1.5%. On the other hand, Metal index struggled in today's session and shed 1% as global metal prices fell.

AK Prabhakar, Head of Research at IDBI Capital said he is positive on markets for the next 2-3 months, not just for the month of December. "Last we hit an all-time high was in October 2021, so this has been long due and now I am very positive on the market. The upcoming Budget in February 2023 will be the last full Budget from the Modi government before the Centre elections in 2024. Keeping hopes high from the Budget 2023, infra stocks have started to perform very well," he told Mint.

He expects Nifty to trade in the range of 22,500-23,000 in 12 months timeframe.

Also read: What is Ridham Desai's 2023 Sensex target?

Asian stocks remained under pressure as protests in China over renewed COVID-19 clampdowns hurt investor sentiment. Japan's Nikkei closed lower as tech stocks declined in line with their Wall Street peers. The Nikkei ended the day down 0.42%.

A sense of chaos and uncertainty swept through Chinese markets on Monday as growing protests against Covid curbs and a record number of infections complicated the nation’s path to reopening.

“The Indian equity market has managed to attract foreign investors and the credit goes to the steady performance of the Indian economy despite the global headwinds of the ongoing military war, fluctuating fed rates and fear of recession knocking on the door. We expect the aggressiveness in pumping cash into equities to continue in the coming months as well," said Manoj Purohit, Partner & Leader – Financial Services Tax, BDO India.

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