Sensex comfortably above 38,200, Nifty50 above 11,500

Gayathri Udyawar
/ Categories: Trending, Markets

Taking cue from Fitch Ratings' commentary on the India economy, the benchmark indices BSE Sensex and Nifty50 are charting all-time highs. The BSE Sensex was at 38,224.93, up by 277.05 points or 0.73 per cent, while Nifty50 was comfortably trading at 11,537.10, up by 66.35 points or 0.58 per cent at 10:30 am, on Monday.

 

This is the level that we at DSIJ had forecasted for the benchmark indices, well ahead of other market players, in our April issue number 10, Volume 33. We had reiterated our stand in our August 6 issue as well.

 

The international rating agency said that the recent fall in the Indian rupee will have little impact on the economy as Indian companies are less dependent on foreign currency debt. In calendar year 2018, the rupee has more than 10.5 per cent due to increase in India's fiscal deficit and an upsurge in crude oil prices. Of late, the threats of trade war and the sanctions on Turkey which had a spiralling effect on almost all emerging market currencies, further pushed the rupee to its all-times lows. On Monday, the rupee recovered from its lifetime low of 70.15 per dollar on Thursday, to open at 69.83 per dollar up by 32 paise.

 

Holding to the index at new highs were index heavyweights L&T and Reliance. The stock of L&T was at Rs. 1,316.85 per share, up by Rs. 76.55 or 6.17 per cent. The stock was buzzing on the back of a share buyback proposal. On the other hand, Reliance Industries was up by 1.79 per cent at Rs. 1,225.00 per share, up by Rs. 21.55 or 1.79 per cent at 10:30 hours. While on Nifty50, Tata Motors, ONGC and Coal India were also trading higher than 2 per cent.

 

Among the volume toppers on the Sensex were L&T, Infy, Reliance, Sun Pharma, Yes Bank, SBI and Tata Motors. Besides these stocks, on Nifty50, Grasim and Lupin also trading in high volumes.

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