Indian Stock Indices Continue To Rally

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Indian Stocks Extend Gains To 3rd week, Rupee Appreciates Slightly
Indian Stocks Extend Gains To 3rd week, Rupee Appreciates Slightly

New Delhi: The rally in Indian stock indices continued as they jumped during nine out of the past 10 sessions.

At 9.53 am this morning, Sensex traded at 59,949.51 points, up 192.67 points or 0.32 per cent, whereas Nifty traded at 17,793.25 points, up 56.30 points or 0.32 per cent.

Nifty oil and gas, and Nifty auto were the top moving Nifty 50 indices this morning.

Among the stocks, Coal India, ONGC, Bajaj Auto, Reliance Industries, and NTPC were the top five gainers among the Nifty 50 basket.

Good second-quarter earnings and high trading volumes during Diwali, which is considered auspicious by investors’ community, somewhat gave fuel to the financial markets.

“There are many factors going in favour of the bulls like strong Q3 GDP numbers (2.6 per cent) in the US, easing recession fears, indications of declining inflation and expectations that Fed might pause rate hikes in Q1 of 2023. In India, even though valuations look high from the short-term perspective, there are favourable factors that can take the market higher,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“Nifty is already up by 6 per cent in October and the trend looks to continue. The resilience of banking, select autos, capital goods and telecom might continue.”

Real gross domestic product (GDP) in the US moved back to positive territory after two consecutive quarters of degrowth.

The country’s economy grew at an annual rate of 2.6 per cent in the third quarter of 2022 (July-September), taking the US out of a technical recession.

Meanwhile, Rupee opened at 82.39 per US dollar, against Thursday’s close of 82.49.

Last week, the rupee breached the 83 mark for the first time in its history. So far this year, the rupee depreciated around 10-12 per cent, data showed.

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