Sensex, Nifty rise on global risk sentiment and lack of domestic triggers
Indian equity benchmarks moved higher on Tuesday, December 28, led by gains in ONGC, Asian Paints, HCL Tech along with positive global cues. As of 9:28 am, the Sensex was up 326.62 points at 57,746.86, while the Nifty was up 88,55 points at 17,174.80.
Almost all the sectoral indices were trading in a positive zone. The Nifty Bank index rose over half a per cent and Nifty Consumer Durables gained nearly one per cent. HCL Tech, Asian Paints, Axis Bank, Reliance Industries, PowerGrid Corporation of India, Tech Mahindra were among the top gainers in the BSE Sensex. On the other hand, Dr Reddy’s Labs, Bharti Airtel and Cipla were among the top losers.
Mid- and small-cap stocks were trading on a positive note as Nifty Midcap 100 index was up 1.03 per cent and Nifty Smallcap 100 index was up 1.46 per cent.
On Wall Street, the Dow Jones Industrial Average rose 0.98 per cent, while the S&P 500 rose 1.38 per cent after hitting a record high during the session. The Nasdaq Composite rose 1.39 per cent.
The S&P 500 ended at a record high on Monday after US retail sales data eased concerns over the contagious Omicron coronavirus pandemic, which has forced thousands of flight cancellations and stranded cruise ships.
The pan-European STOXX 600 index rose 0.62 percent, near its highest level in a month.
In Asia, China reported its highest daily increase in local COVID-19 cases in 21 months, as infections more than doubled in the northwestern city of Xian, its latest hotspot. The Japanese currency weakened to 114.935 yen per dollar for the first time since November 26, hitting a year-on-year low of 115.525.
In foreign exchange markets, the safe-haven US dollar was range-bound, despite a sharp turn at the Federal Reserve this month, with policymakers indicating three quarter-point rate hikes in 2022. The dollar index fell 0.026 percent, with the euro 0.01 percent to $1.1326.
In the crude market, US crude was recently up 3.04 per cent at $76.03 a barrel and Brent at $78.94, up 3.68 per cent on the day.
Globally, oil prices rose further on Tuesday and traded near one-month highs of the previous session on hopes that the Omicron coronavirus pandemic will have only a limited impact on global demand.
Oil prices have risen nearly 50 percent this year, supported by demand and supply cuts by the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+.
Shares of Supriya Lifesciences will hit the stock markets today. Its initial public offer (IPO) of Rs 700 crore was subscribed 71.47 times till the end of the bidding process. The IPO had a fresh issue of up to Rs 200 crore and an offer for sale of up to Rs 500 crore. The company sold shares in the price band of ₹ 265-274 per equity share.
According to the health ministry, India on Tuesday reported 6,358 new coronavirus cases, pushing its active caseload to 75,456. Omicron’s cases have risen to 653 and at least 186 have been cured.
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