Indian Stock Market at All-Time High, Defying Asian Trend

10:53 GMT, 28 November 2022

Deexa Khanduri

Sputnik correspondent

As China witnesses a fresh wave of COVID-19, most Asian markets are on the wane, with Japan's Nikkei stock index dipping 0.6 percent, Hong Kong shares falling 2 percent, and the Shanghai Composite index down 1 percent on Monday. However, the Indian market has bucked the trend and is seeing a recovery.

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India's stock market on Monday reached an all-time high just an hour into opening, driven by oil marketing companies as crude oil prices slid.

The National Stock Exchange's (NSE) Nifty 50 index rose 87.10 points or 0.47 percent to 18,614.10 (at 13:45 IST; 08:15 GMT ). The NSE Nifty 50 is a key index representing the weighted average of 50 of the largest Indian companies listed on the National Stock Exchange.

Although the Bombay Stock Exchange (BSE)'s sensex initially fell as Asian markets all round saw a dip, it reversed quickly, up 0.42 percent, and hit a record high of 62,690 (by 13:45 IST; 08:45 GMT).

BSE Sensex, also known as the S&P Bombay Stock Exchange Sensitive Index, consists of the 30 largest and most actively traded stocks. Sensex is the oldest stock market index in India, founded in 1986.

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Experts told India media that strong domestic macros, robust earnings growth and a sharp correction in oil prices are big positives for the Indian equities.

However, other Asian markets saw a slump on Monday amid China's strict zero-COVID curbs, which are raising investors' concerns about the growth implications for the world's second-largest economy.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 1.5 percent. Hong Kong's Hang Seng index slumped 4.16 percent and China's CSI300 index was down 1.8 percent after opening.