Stock Market Shines Despite Global Gloom. Sensex, Nifty At Life-Time Highs. Reliance Zooms 4%

Stock update: On the 30-share Sensex platform, index heavyweight, Reliance Industries surged nearly 4 per cent to trade at over five-month high

On the Nifty, Hero Moto, BPCL, and SBI Life were the top winners, up to 3.5 per cent higher. 

Sensex and Nifty, the two key equity benchmark indices, edged much higher to record new life-time highs on Monday led by strong gains in Reliance Industries.

At 1.30 pm, the BSE Sensex gained over 340 points to 62,650, its new all-time high scaled for a third straight day. The NSE Nifty50 rallied almost 100 points to top the 18,600-level.

On the 30-share Sensex platform, index heavyweight, Reliance Industries surged nearly 4 per cent to trade at over five-month high. The other prominent gainers were Asian Paints, Nestle, IndusInd Bank, and Bajaj Finserv.

On the Nifty, Hero Moto, BPCL, and SBI Life were the top winners, up to 3.5 per cent higher. 

According to Bloomberg, global funds have bought a net $3 billion of India stocks so far this month, according to Bloomberg-compiled data. Holdings of foreign investors in long index futures have risen by about six times from their September lows, to 127,000 contracts, while short bets have dropped 76 per cent over the same period to 38,600 lots, the least bearish positioning since April. The spread between outstanding index futures longs and shorts now stands at its widest since June 2021.

Nifty has reached its all-time high, Sumit Chanda, founder and CEO of JARVIS Invest, shared his views with ABP Live on the same along with some sector and stock picks recommended by the JARVIS tool.

He said, "The general sentiment in the market has turned positive after inflation started moderating in the US. While the Fed has maintained their hawkish stance, they will not be hiking the rates as aggressively as they did in the past. Even locally the RBI has indicated that the inflation levels have been easing off which bodes well for us. We have seen the FPIs pumping in close to 32000 crs this month with more to follow. I continue to be cautiously positive at these levels since we are trading at expensive valuations. With the Russian oil price-cap coming into effect from 5th December, we should anticipate some supply shocks. This can have an impact on the markets. While we don't expect the inflation to go back up again but there will be short term uncertainties to deal with."

Recommendations made by the JARVIS tool in the month of November

• Major allocation of all the portfolios is towards large-cap and small-cap sector – Interestingly, risk averse investor has the HIGHEST allocation to small-cap sector stocks
• JARVIS, the AI tool, has recommended a slight shift in sector allocation from Sept 2022 to now in Nov 2022 - the AI has recommended higher allocation towards IT sector in November (12%)
• Recommendation on Industrial manufacturing in the last two months has been shifted towards Chemical sector. However, Pharma, construction and financial services still remain the top 3 sectoral bets
• All profiles have between 4%-20% allocation towards mid-cap sector