Indian equity benchmarks ended with gains on Monday after trading almost flat till midday deals. Traders were encouraged by Niti Aayog Vice Chairman Arvind Panagariya’s statement that India may register a growth rate of 8% in the financial year 2022-23. Markets were cautious of the proposed cap on oil prices, under discussion globally, which made oil and gas companies stock up their volumes. This is exerting pressure on India’s balance of payments, which limited the gains in equity markets.

Also Read: Top 5 cryptocurrencies of the day: Bitcoin down 2%, Aptos trends at no. 1

Extending its rally to the day high of 61,401.54 the Sensex closed 234.79 or 0.39% higher to 61,185.15 points. The Nifty rose 85.65 points or 0.47% to settle at 18,202.80. 

The broader indices ended higher with the BSE MidCap index gaining 0.69% and the SmallCap index up by 0.64%. 

Also Read: Gold, silver and other metal prices on Monday, November 7, 2022

The top gaining sectoral indices on the BSE were Auto up by 1.23%, Oil and Gas 1.23%, Realty 1.11%, Energy 1.06%, and Metal 0.98%, while Healthcare down by 1.00%, Consumer Durables 0.41% were the losing sectoral indices on BSE.

Top gainers on the Sensex were SBI up by 3.44%, Tata Steel 1.81%, ICICI Bank 1.26%, Ultratech Cement 1.16%, M&M 1.14%, Maruti Suzuki 1.02%, Power Grid 0.82%, HDFC Bank 0.78%, HDFC 0.78%, and Bharti Airtel 0.78%.

Also Read: Twitter delays launch of $8 subscription plan for blue ticks until end of midterms: Report

Among the laggards were Asian Paints down by 2.37%, Bajaj Finserv 1.35%, Sun Pharma 1.13%, Titan Company 0.95%, Kotak Mahindra Bank 0.93%, Dr Reddy’s Labs 0.85%, IndusInd Bank 0.72%, NTPC 0.65%, Infosys 0.45%, and Bajaj Finance 0.30%. 

The rupee gained 45 paise to close at 81.90 against the US dollar amid a weak American currency and sustained foreign fund inflows..

Also Read: US employers add 261,000 jobs in October, unemployment rate up at 3.7%

Asian markets settled higher with the KOSPI Composite up by 0.99%, the Nikkei 225 up by 1.21%, Shanghai Composite down by 0.23%, and the Hang Seng down by 2.69%.

European stock exchanges were trading green in mid-session deals. The US equity markets ended higher on Friday.

Also Read: Bank of England raises benchmark rate by 75 bps, biggest hike in 30 years

Brent crude futures, the international oil benchmark slipped 0.41% to $98.17 per barrel.

According to stock exchange data, foreign institutional investors purchased shares worth a net of Rs 1,436.25 crore on Friday.