Markets on record-making spree; rally for eighth day

Mumbai, December 1

Benchmark indices rallied for the eighth day running on Thursday, ending at fresh record closing highs, amid firm global market trends and continuous foreign fund inflows.

Positive PMI data and buying in IT counters added to the momentum.

The Sensex climbed 184.54 points to settle at 63,284.19, its fresh record closing high. During the day, it rallied 483.42 points to 63,583.07, its lifetime intra-day peak. The Nifty advanced 54.15 points to end at 18,812.50, its new record closing high.

Among the Sensex pack, UltraTech Cement, Tata Steel, Tata Consultancy Services, Tech Mahindra, Wipro, Infosys, HCL Technologies, and Larsen & Toubro were the major winners.

ICICI Bank, Mahindra & Mahindra, Power Grid and Kotak Mahindra Bank were among the laggards.

According to a monthly survey released on Thursday, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers’ Index (PMI) stood at 55.7 in November, up from 55.3 in October, signalling the strongest improvement in operating conditions in three months.

Experts say that US Federal Reserve’s stance hinting at moderated pace of rate hike also boosted the sentiment.

“Fed chief Jerome Powell’s observation that ‘it makes sense to moderate the pace of rate hikes’ has come as a shot in the arm for the bulls to take the ongoing rally forward,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In the broader market, the BSE smallcap gauge jumped 0.63%and midcap index climbed 0.62%. — PTI

Sensex, Nifty settle at lifetime high

• Positive PMI data and buying in IT counters added to the momentum
• The Sensex climbed 184.54 points to settle at 63,284.19, its fresh record closing high
• The NSE Nifty advanced 54.15 points to end at 18,812.50, its new record closing high
• UltraTech Cement, Tata Steel, TCS, Tech Mahindra, Wipro, Infosys, HCL Technologies, and L&T were the major winners