Sensex Rises 296 Points, Nifty Settles Above 17,050; Tech Mahindra, Cipla, Dr Reddy’s Among Top Gainers
Overall market breadth remained positive as 2,154 stocks declined, while 1,319 declined on the BSE.
New Delhi: Indian equity benchmarks turned positive in highly volatile trade on Monday led by gains in IT and pharma stocks. The 30-share BSE Sensex closed 296 points or 0.52 per cent higher at 57,420, while the broader NSE Nifty ended 83 points or 0.49 per cent higher at 17,086. The BSE index broke over 850 points from its day’s low of 56,543.08.
Mid- and small-cap stocks were up in the Nifty Midcap 100 index, up 0.44 per cent and the Nifty Smallcap 100 index by 0.20 per cent.
Of the 15 sector gauges, 12 – compiled by the National Stock Exchange – settled in the green. Nifty Pharma, Nifty IT and Nifty Healthcare jumped up to 1.62 per cent.
“Indian benchmarks managed to trade in the green despite a negative start in the morning as the market rebounded from the Omicron shock. Positive cues from other Asian markets weighed on domestic sentiment as manufacturing data from Singapore posted double-digit growth in November. appeared,” said. Gaurav Garg, Head of Research, Capitalvia Global Research Ltd.
“Our research shows that the 57,400-57,500 (Sensex) level can act as a resistance level in the market for the short term. If the market breaks the 57,400-57,500 level, we can expect the market Can trade to the extent of 57,600 – 57,700 technical indicators also support the positives in the market.”
On the stock-specific front, Tech Mahindra stood as the top Nifty gainer as the stock rose 3.44 per cent to Rs 1,783.05. Cipla, Dr Reddy’s, UPL and Kotak Mahindra Bank also saw gains.
On the flipside, Hindalco, Britannia, ONGC, IndusInd Bank and Maruti fell up to 1.42 per cent.
Shares of RBL Bank fell up to 20 per cent after the lender’s board accepted a request from Vishwavir Ahuja, managing director and chief executive officer, to proceed on medical leave with immediate effect.
On the BSE index, Power Grid, ICICI Bank, Sun Pharma, Mahindra & Mahindra, HDFC Twins (HDFC and HDFC Bank) and Bajaj Finserv were the top gainers with their shares rising as much as 3.40 per cent.
Overall market breadth remained positive as 2,154 stocks declined, while 1,319 declined on the BSE.
Further, the shares of Adhesives Ltd rose by 16.42 per cent for the first time in their market against the initial public offering price of Rs 274.
Meanwhile, the government said it would start giving COVID-19 booster shots to healthcare and frontline workers from January 10 as a precautionary measure, as cases of omicrons surge across the country.
