Sensex Surges 385 Points, Nifty Settles Above 17,050; Power Grid, Indian Oil, ITC Among Top Gainers

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Sensex Surges 385 Points, Nifty Settles Above 17,050; Power Grid, Indian Oil, ITC Among Top Gainers


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The overall market size was positive, with 2,195 shares advancing while 1,123 falling in the BSE.

New Delhi: Indian equities benchmarks continued to rise for the third straight session amid strong global indicators. Investor sentiment improved after a study showed that the risk of hospitalization for Omicron was lower compared to the Delta coronavirus variant. According to research from Imperial College London, the risk of hospitalization for patients with the Omicron variant is 40 to 45 percent lower than for patients with the Delta variant.

The BSE Sensex benchmark rose 385 points or 0.68 percent to close at 57,315; while the broad NSE Nifty moved 117 points or 0.69 percent to 17,073.

Mid-cap and small-cap stocks rose as the Nifty Midcap 100 rose 0.90% and the Nifty Smallcap 100 rose 1.27%.

13 of 15 sector indicators, compiled by the National Stock Exchange, were set in green. Nifty FMCG, Nifty PSU Bank and Nifty IT rose 1.56 percent.

In terms of specific stocks, Power Grid ranked as Nifty’s best winner as shares soared 3.67 per cent to Rs 208.95. Shares of Indian Oil Corp (IOC), ONGC, ITC and Bajaj Finance also witnessed gains.

On the other hand, Divi’s Lab, JSW Steel, Bharti Airtel, Sun Pharma and UltraTech Cements fell as much as 1.76 percent.

In the BSE index, Power Grid, ITC, Bajaj Finance, Infosys, NTPC, Titan and Tech Mahindra attracted more gains with their shares rising up to 3.70 per cent.

The overall market size was positive, with 2,195 shares advancing while 1,123 falling in the BSE.

“Omicron was the only fear in the markets. Once they know it’s not serious, market recovery is likely to be possible because corporate profits will be very good with a cooling in crude oil and commodity prices. The margin is likely to increase, “AK Prabhakar, head of research at IDBI Capital, told Reuters.

“This correction was an opportunity to buy. Fears of the third wave of the Covid-19 have abated, which is positive for the markets,” he added.

Domestic and global markets, which had fallen by as much as 3% on Monday (December 20th), have recovered in the last three sessions.

Meanwhile, shares of pharmacy chain operator Medplus Health Services made a strong stock market debut and traded at a 31 percent premium over its issue price.

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