Stock Market India: Sensex, Nifty closed at a new record high today with gains of over 1%. Equity benchmarks closed at a fresh all-time high, extending their gains for the third straight session. The 30-share BSE Sensex index rose 762.10 points, or 1.24 per cent, to hit a fresh record high of 62,272.68. The broader NSE Nifty-50 index closed at an all-time high, up 216.85 points or 1.19 per cent. Asian shares tracked Wall Street higher on Thursday after the S&P 500 closed at a two-month high overnight.
European shares held steady on expectations of lower trading volume as US markets were closed for the Thanksgiving holiday, while a measure of global shares was on track to register a third consecutive gain. Indian equity benchmarks closed at new all-time highs, extending their gains for a third straight session, as global risk assets rose after the Federal Reserve meeting minutes showed support for a smaller rate hike from now on.
Oil prices may fall to levels post early 2021. The Group of Seven countries (G7) discussed setting a price cap on Russian oil above the current market price even after it fell more than 3 percent on Wednesday. US crude oil futures fell further to $77.74 per barrel on Thursday. The data released Wednesday also showed that as the US economy cooled, company activity shrank and unemployment applications rose.
So the central bank is more likely to raise rates by 50 basis points next month and end a series of big hikes by 75 basis points. Investors also pointed to the impact of record Covid-19 cases in China as signs that financial conditions were easing. In the crude oil market, oil prices are expected to test an important support level reached in September.