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Nifty at record high, rises for 7th day

Nifty ended at a record high rising for the seventh consecutive session on Wednesday.

New Delhi, Dec 6,2023:  Nifty ended at a record high rising for the seventh consecutive session on Wednesday. At close, Nifty was up 0.40 per cent or 82.6 points at 20,937.7, says Deepak Jasani, Head of Retail Research, HDFC Securities. Cash volumes on the NSE were high at Rs 1.18 lakh crore. Broad market indices rose less than the Nifty. Retail sales of automobiles in India hit an all-time monthly high in November, as the festive season boosted sales in two-wheeler and passenger vehicle category, he said. As per FADA, November 2023 Auto Retail sale creates history by selling 28.54 lakh vehicles, surpassing March 2020, which sold 25.69 lakh vehicles during the auto industry’s transition from BS-4 to BS-6 emission norms. Although Nifty crossed 20,915, the movement in the indices remained subdued later. Jaykrishna Gandhi, Head – Business Development, Institutional Equities, Emkay Global Financial Services said markets surge to new highs on heightened risk appetite as BJP’s victories in three states also reportedly boosted investor confidence. FPIs, initially cautious due to political uncertainty, re-enter with significant buying activity. Financials and Adani Group companies have led the 3.5 per cent rally in Indexes this week. Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services said domestic equities continue its northbound journey with Nifty just 40 points away to cross 21,000 mark. Sector-wise, it was mixed bag with buying seen in Oil & Gas, FMCG and IT. Niche sector like fertiliser witnessed fresh buying as government seeks parliament approval to increase fertiliser subsidy. Markets saw a smart rally of 11 per cent since the low of October end.

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