Indian stocks: Sensex, Nifty close at record highs for second straight session

India’s benchmark stock index edged higher on Friday, closing at a record high for a second day in a row, its fourth straight day of gains fueled by expectations that the Federal Reserve will ease the pace of its aggressive tightening. Next month at the earliest.

The BSE Sensex gained 20.96 points to close at a record high of 62,293.64, while the broader NSE Nifty also closed at a record high of 18,512.75, up 0.15%, after both benchmarks closed higher a day earlier.

The Sensex also hit an all-time high of 62,447.73 on Friday, breaking the all-time high of 62,245.43 set last October.

Reliance Industries led the Sensex with a 1.34 percent gain. Wipro, Tech Mahindra, Axis Bank, IndusInd Bank, Maruti, Tata Steel and Mahindra & Mahindra also topped the list.

On the other hand, the main laggards are Nestle, Kotak Mahindra Bank, ICICI Bank and HCL Technologies.

Both benchmarks also rose for a fourth straight session on Friday, posting weekly gains of more than 1%.

Amol Athawale, vice president of technical research at Kotak Securities, said investors were mostly on the sidelines due to the lack of clues as U.S. markets were closed on Thursday.

Federal Reserve officials gave markets a Thanksgiving feast in the form of minutes from their latest policy meeting, when most said it was time to consider slowing the pace of rate hikes.

Still, the Fed minutes warned that the chances of a US recession in 2023 were “nearly the same as the baseline (forecast)”.

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For now, though, Asian markets are on track for a fourth straight week of gains.

The MSCI Asia ex- index is expected to post a fourth straight week of gains; it has risen 14% so far in November, its best month since March 2009.

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By Rebecca French

Rebecca French writes books about Technology and smartwatches. Her books have received starred reviews in Technology Shout, Publishers Weekly, Library Journal, and Booklist. She is a New York Times and a USA Today Bestseller...