Indian equities

Curiously, this time around there is a conundrum. When the interest rates are going up and also set to go up further, the stock market indices are touching new heights. "It is true that the biggest enemy of equity markets is rising interest rates. This is the normal relationship. Rising interest rates lead to higher cost of funds and that eats into profitability especially in medium and small enterprises," Dr. Joseph Thomas, Head of Research, Emkay Wealth Management told IANS.

There have been many periods when both interest rates and stock prices went up. If GDP growth and corporate earnings are good, stock prices can go up despite rate hikes, says V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Indian market never dipped into bear territory this year unlike in many other markets like the US. So, this cannot be termed as a bear market rally, he added.

The Sensex of BSE on Monday touched a record high of 62,661.40 points. The Sensex opened at 62,016.35 points and touched a high of 62,661.40 points and a low of 61,959.74 points during the day. The Sensex had previously closed at 62,293.64 points. After coming below the 62,000 points, the Sensex rallied up to cross again that milestone and later came down.

BSE Sensex gained 630.16 points or 1.02 per cent to close at 62,293.64 points, while Nifty gained 205.10 points or 1.12 per cent to close at 18,512.75 points. The broader markets saw BSE 100, BSE 200 and BSE 500 gain 1.0 per cent%, 1.02 per cent and 1.07 per cent, respectively. BSE midcap was up 1.83 per cent while BSE smallcap was up 1.57 per cent.

Looking at the table in the article one can see that the benchmark indices saw a small decline in the first quarter of 22-23 with BSESENSEX losing 9.48 per cent and NIFTY down 9.65 per cent against BANK NIFTY losing less at 8.11 per cent. In the second quarter of 22-23, BANK NIFTY gained 15.58 per cent against BSESENSEX gaining 8.31 per cent and NIFTY gaining 8.33 per cent.

BSESENSEX lost 131.56 points or 0.21 per cent to close at 61,663.48 points while NIFTY lost 42.05 points or 0.23 per cent to close at 18,307.65 points. The broader markets saw BSE100, BSE200 and BSE500 lose 0.53 per cent, 0.68 per cent and 0.68 per cent, respectively. BSEMIDCAP lost 1.30 per cent while BSESMALLCAP was down 0.81 per cent. Markets gained on two of the five trading sessions and lost on the remaining three. There were no significant moves in either direction.

The Sensex opened at 61,708.63 points and touched a high of 62,052.57 points and came down slightly. The Sensex touched a low of 61,708.63 points and later rallied up to cross the 62,000 mark again at about 12.35 p.m. The Sensex's all time high was 62,245.43 which was on 19.10.2021, as per BSE.

The Sensex of the BSE opened at 61,311.02 points and touched a high of 61,574.40. The Sensex touched a low of 61,311.02 points. The Sensex had previously closed at 60,613.70 points. The Sensex is trading at 61,591.10.64 points up by 977.4 points or 1.61 per cent. On the other hand, the broader 50-scrip Nifty at National Stock Exchange opened at 18,272.35 points after closing at 18,028.20 points.

The Indian currency gave up its early gains due to higher dollar demand. Earlier this month, rupee had touched a record high of 83.18 against the dollar. The investors' dim outlook on China and also on the overall global economy has impacted the rupee. Rupee's fate will also depend on the crucial Federal Reserve meeting on November 2, market watchers said.

BSE Sensex opened at 59,804 points, a gain of about 500 points compared to the previous close. Nifty opened at 17,736 points, a gain of about 160 points. The highs of the day were 59,994 and 17,777 points respectively. Markets closed at 59,831.66 points, a gain of 524.51 points while Nifty closed at 17,738.45 points, a gain of 162 points.