IndusInd Bank was the top gainer in the Sensex pack.
Equity benchmark Sensex jumped over 100 points in early trade on Wednesday, December 29, 2021, tracking gains in index-heavyweights Reliance Industries, ICICI Bank and Axis Bank.
In early trade, the 30-share index was trading at 58,001.79, up 104.31 points or 0.18 per cent. Similarly, the Nifty rose 28.45 points or 0.17 per cent to 17,261.70.
IndusInd Bank was the top gainer in the Sensex pack, rising nearly 2 per cent, followed by Dr Reddy’s, ICICI Bank, Sun Pharma, Reliance Industries and Axis Bank.
On the other hand, PowerGrid, NTPC, Tata Steel, HDFC Bank, Nestle India were among the laggards.
In the previous session, the 30-share equity benchmark settled 477.24 points or 0.83 per cent higher at 57,897.48 and the Nifty rose 147.20 points or 0.86 per cent to 17,233.45.
FII net buyer
Foreign institutional investors (FIIs) became net buyers in the capital market as they bought shares worth Rs 207.31 crore on Tuesday, according to stock exchange data.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said there are two distinct trends in the response of governments and the market to the Omicron version.
“Governments, globally, are reacting with caution and imposing some restrictions. In India also Maharashtra and Delhi have imposed some restrictions in the context of rising cases. But the markets have responded by assuming the Omron version That it marks the last phase of the pandemic,” he said.
He added, “A strong positive for the market is that FIIs have become buyers. This bodes well for financials, especially leading banking stocks, which have attractive valuations right now. Crude’s rise is a macro headwind.” ” Elsewhere in Asia, shares in Shanghai, Hong Kong, Seoul and Tokyo were trading with losses in mid-session deals.
Stock exchanges in the US ended the overnight session with massive losses.
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