Sensex hits new lifetime high; Nifty, Nifty Bank touch fresh 52-week high – 5 factors that propelled benchmarks today

Sensex, Nifty, Nifty Bank: Raging on multiple factors, the bulls have taken over the markets as the S&P BSE Sensex on Thursday touched an all-time high level of 62,412.33, while the Nifty50 index hit a fresh 52-week high at the 18,529.7-mark on the day of November series F&O expiry.  

Gaining for the third straight session today, both Sensex and Nifty closed at the day’s high level of 62,272.68 and 18,484.1, respectively, each gaining over 1 per cent.

The surge in the benchmarks was led by IT followed by banking and financial services. IT majors such as Infosys, HCL Tech, Wipro, and Tech Mahindra supported Sensex to touch a new record high on Thursday.

Image Source: Stockedge

The 12-share banking index – Nifty Bank has also touched its record high level of 43,163.4, led by banking heavyweights such as HDFC Bank, and ICICI Bank. Contributing to the overall rally, the broader markets too joined the gaining party as both Nifty Mid and Small-cap jumped around 0.5 per cent.

Below are the factors that supported Sensex to touch life high and Nifty fresh 52-week high

US Fed Minutes: Slow Pace of Rate Hikes

Also Read: Stock Market Today Highlights: Sensex, Nifty, Bank Nifty give a befitting end to November series; hit their all time highs

A ‘substantial majority’ of policymakers at the Federal Reserve's meeting early this month agreed it would ‘likely soon be appropriate’ to slow the pace of interest rate hikes as debate broadened over the implications of the US central bank's rapid tightening of monetary policy, according to the minutes from the session.

Positive global markets

Wall Street's main indices ended Wednesday's session with solid gains after the Federal Reserve's November meeting minutes showed interest rate hikes may slow soon. Similarly, the Asian indices too traded mixed with Nikkei and Hang Seng ending their today’s session in green.

Weak Dollar, Soaring Rupee

The dollar index swooped towards a three-month low on Thursday, after Federal Reserve meeting minutes pointed to a slower pace of US interest rate rises from next month. Similarly, the rupee appreciated more than 20 paise to 81.65 against the US dollar in early trade on Thursday.

Lower Crude Oil

According to a Reuters report, Brent crude futures fell 0.3% to $85.13. U.S. crude oil futures eased 0.2% to $77.74 per barrel. They had tumbled more than 3% on Wednesday as the Group of Seven (G7) nations considered a price cap on Russian oil above the current market level.

Easing Inflation

Several analysts believe the third quarter of the current fiscal year shall be much better than Q2 on the back of easing inflations. The retail inflation which is measured by the Consumer Price Index (CPI) was 6.77 per cent in October, government data revealed.