Indian equity markets started the first day of trading in the new year with enthusiasm and metal and auto stocks rose 1.6% on major indices following heavy buying in banking and financial packs.
The S&P BSE Sensex rose 929.40 points, or 1.6%, to 59,183.22. Top Sensex gainers included Bajaj Finserv up 3.59%, Bajaj Finance up 3.52%, ICICI Bank 3.31%, Tata Steel up 2.85% and IndusInd Bank by 2.79%.
Similarly, the NSE Nifty 50 index rose 271.65 points or 1.57% to 17,625.70.
Ajit Mishra, Research Vice President, Religare Broking Ltd said that market participants ignored rising Omicron cases and muted global cues.
“The participation of the banking pack has changed the mood of the market of late while other things being equal. However, the update on the COVID situation combined with the performance of the global markets will play an important role,” he said.
“Now, the next hurdle in Nifty is at 17,750. We reiterate our view of focusing on selection of stocks while keeping an eye on leveraged positions,” said Mr. Mishra.
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