Domestic shares settled with decent gains on Monday, rising for the fifth straight session. The Sensex and the Nifty hit record high levels today amid falling crude oil prices and U.S. dollar index. The barometer index, the S&P BSE Sensex, advanced 211.16 points or 0.34% to 62,504.80. The Nifty 50 index added 50 points or 0.27% to 18,562.75. Both the indices jumped 2.2% in five sessions. The two benchmarks hit all-time highs in intraday today at 18,614.25 for Nifty 50 index and 62,701.40 for Sensex.

In the broader market, the S&P BSE Mid-Cap index rose 0.72% while the S&P BSE Small-Cap index added 0.77%. Both the indices outperformed the benchmarks.

The market breadth was positive. On the BSE, 2,093 shares rose, and 1,501 shares fell. A total of 190 shares were unchanged.

The Nifty Oil & Gas index (up 1.60%), the Nifty Auto index (up 0.61%) and the Nifty FMCG index (up 0.34%) outperformed the Nifty.

The Nifty Metal index (down 1.14%), the Nifty Financial Services index (down 0.09%) and the Nifty IT index (down 0.08%) underperformed the Nifty.

Economy:

S&P Global Ratings on Monday revised India's FY23 GDP growth forecast downwards by 30 bps to 7%. For FY24, the forecast has been revised by 50 bps to 6%.

Earlier, the agency had retained its projection of India's economic growth at 7.3% for the current fiscal and said inflation is likely to remain above the upper tolerance limit of 6% till the end of 2022.

Numbers to Track:

The yield on India's 10-year benchmark federal paper fell to 7.27 as compared with 7.301 at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 81.685, compared with its close of 81.71 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement added 0.28% to Rs 52,690.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.44% to 105.49.

The United States 10-year bond yield fell 1.01% to 3.665.

In the commodities market, Brent crude for January 2023 settlement dropped $2.3 or 2.75% to $81.41 a barrel, following reports of unrest in China over Covid control measures imposed in that country. China is the world's biggest crude importer.

Global Markets:

The Dow Jones index futures were down 186 points, indicating a weak opening in the US stock market today.

Shares in Europe and Asia tumbled on Monday amid unrest in China over its continued zero-Covid policy. Fears about a Covid-led dent to China's economic growth weighed on sentiment in the world's second-largest economy after demonstrators and police clashed in Shanghai on Sunday.

Over the weekend, the People's Bank of China announced it would cut the reserve requirement ratio for banks by 25 basis points to 7.8% and inject around 500 billion yuan in long-term liquidity. The National Bureau of Statistics said industrial profits for the first 10 months of the year fell 3% from the same period in 2021.

In Singapore, the country's core inflation rate eased 0.2% to 5.1% in October on an annualized basis, the Ministry of Trade and Industry (MTI) reported – after seeing the same index at 5.3% in September.

U.S. stocks ended mixed in a shortened trading session Friday, with markets subdued following Thursday's Thanksgiving holiday.

Black Friday sales kicked off against the backdrop of high inflation and cooling economic growth. US shoppers reportedly spent a record $9.12 billion online this Black Friday, as consumers weathered the squeeze from high inflation and grabbed steep discounts on everything from smartphones to toys.