Indian shares eked out modest gains on Thursday to extend gains for an eighth consecutive session and reach new record highs, as Fed Chair Jerome Powell signaled a potential slowing of interest rate hikes and two major Chinese cities relaxed some COVID restrictions in efforts to reduce public discontent.
Investors also cheered survey data published by S&P Global showing that India’s manufacturing activity expanded at the fastest pace in three months.
The manufacturing Purchasing Managers’ Index rose to 55.7 in November from 55.3 in September as output and new orders grew at sharper rates amid easing price pressures.
The benchmark S&P BSE Sensex rose 184.54 points, or 0.29 percent, to 63,284.19 while the broader NSE Nifty index settled 54.15 points, or 0.29 percent, higher at 18,812.50.
IT and metal stocks led the surge, with TCS, Tata Steel and Hindalco climbing 2-3 percent.
The U.S. dollar sank, and Treasury yields declined on Powell’s dovish remarks at the Brookings Institution in Washington, while oil prices were little changed in European trade amid uncertainty about OPEC’s decision on production at the Sunday meeting.
Market Analysis
Sensex, Nifty Scale New Highs On Powell’s Dovish Remarks
2022-12-01 10:27:00
