Nifty All Time High at  ₹18,614.25 – Powered by Oil and Gas Sector 

Increase in Nifty

The Nifty50 has reached a record high of ₹18,614.25 at around 13:45 hrs on 28th Nov, 2022. The NSE index had opened at ₹18430.55 – its day’s low has so far been at ₹18,365.60. 

Fig. 1: Nifty chart on Angel One app

Subsequently, Nifty call options have increased in price in the derivatives market, some as high as 35%. On the other hand, Nifty puts have fallen in price, e.g. the Nifty 18,400 Put has fallen by 45.70% in price.

What created this appreciation

While Nifty50 saw an increase of 0.38% so far, Nifty Oil and Gas have increased in value by 2.13%. The Nifty stock with the highest daily gain so far has been Bharat Petroleum at 4.53%. However, another stock that seems to have pulled up the Nifty price seems to be Reliance Industries Ltd. – with a gigantic market cap of ₹17.80 lakh crores, it has seen an increase of 3.53% since the beginning of trading hours. Other companies such as Hero Motocorp. (+2.26%), Asian Paints (+1.47%) as well as Wipro (+1.33%) and Tech Mahindra (+0.73%) have contributed to the appreciation of the index.

Since the Oil and Gas sectors have shown the most robust growth, it seems the recent discounted oil purchases from Russia have had a major positive impact on the Indian market sentiment.

What about Sensex

While this is happening, the Sensex too has been increasing – it hit a high at ₹62,701.40. The S&P BSE Midcap has risen 0.61% so far while the S&P BSE Smallcap has risen 0.62% in the same time.

Some wins, some losses

However, sections of the Nifty have not shown positive signs. For example, Nifty Media has fallen by 0.41% while Nifty Metal has fallen by 1.13%. While Hindalco saw the biggest daily share price drop within the Nifty of 2.08%, JSW Steel (-1.59%), Apollo Hospitals Enterprise (-1.31%) and Bharti Airtel (-1.06%) too saw major share price falls.

Conclusion

The Nifty50 hitting an all time high is good news for traders. If you want to take advantage of riding the momentum, try to open demat account today with India’s trusted broker!