homemarket NewsNifty50 scales record high. Here's what led the last 2,000 points of the rally

Nifty50 scales record high. Here's what led the last 2,000 points of the rally

2 Min(s) Read

By CNBCTV18.com Nov 28, 2022 2:55:29 PM IST (Published)

Headline indices Sensex and Nifty50 scaled record highs on November 28, about 13-odd months since scaling the last set of lifetime highs. Here's a look at the heavyweights leading the upmove.

The Nifty50 scaled a record high on Monday, close on the heels of the Sensex hitting a record high earlier in the day, boosted by gains in oil & gas, auto and IT shares. The 50-scrip headline index gained 101.5 points or 0.5 percent to touch a lifetime high of 18,614.3, surpassing its previous record high of 18,604.5. Earlier in the day, the Sensex hit a record high, crossing the 62,700 level in intraday trade for the first time ever.

Recommended Articles

View All

Analysts say intermittent foreign fund inflows and optimism on a slower pace of hikes in COVID-era interest rates in major economies primarily drove the gains on Dalal Street.
Besides, falling crude oil prices — down almost 42 percent since a peak in March 2022 — also support the market in India — the world's third largest consumer of crude oil, which relies heavily on imports to meet its oil requirement.
Here's a list of top movers and shakers of the 50-strong basket since the last record high:
It took the benchmark index about four months to gain the last 2,000 points in its first successful move to surpass the record hit in October 2021.
“Strong domestic macros, robust earnings growth and a sharp correction in oil prices is a big positive for Indian equities. For the July-September 2022 period, Nifty companies grew nine percent against expectations of flattish growth... We expect the momentum to remain strong with expectation of a Nifty earnings CAGR of 17 percent over the next two years," said Ajay Menon, Managing Director and CEO-Broking and Distribution at Motilal Oswal Financial Services.
India saw an overall mixed set of earnings for the quarter ended September, with Nifty profits averaging eight percent above Street estimates.
"The festive season has witnessed buoyant demand, the first one without any restrictions post-COVID... Bank credit has continued to grow in late teens over last few months and is expected to continue this uptrend with a pickup in capex in the October-March period,” he said. 
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!