Sensex Hits One Yr High, Nears Record Peak Of 62k | Mumbai News

MUMBAI: The sensex hit a one-year high on Friday, mainly on the back of an overnight rally in the US markets, which was triggered by moderating inflation in the world’s largest economy, and closed nearly 1,200 points or 2% up at 61,795. The index is now less than 1% away from hitting its all-time intraday peak of 62,245 points.
Investor wealth is also close to the all-time high: While the all-time peak is at Rs 289.7 lakh crore (September 13), on Friday, BSE‘s market capitalization settled at Rs 287.5 lakh crore, official data showed.

According to Naveen Kulkarnichief investment officer, Axis Securities, for the last few sessions the market was in a wait-and-watch mode, awaiting the US inflation print for October. As the actual number showed a slight downtick and was lower than expected, it triggered a rally across the world. Market players are now expecting the US Federal Reserve to slow down its aggressive rate actions.
With the global and domestic factors supporting the market, “a new high cannot be ruled out. Investors need to be patient in this market and invest in a staggered manner,” Kulkarni said. The day’s rally was supported by foreign funds which recorded a net inflow of Rs 3,958 crore. Domestic institutions too were net buyers at Rs 616 crore, BSE data showed.
According to Apurva Sheth, head of market perspectives, Samco Securities, since the battle against inflation is far from over, investors will be watching the inflation numbers for the UK, India and other countries. The UK’s unemployment rate would also be in the news since it was 3.5% in August, which was the lowest since 1974.

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