Sensex Rises Over 400 Points, Nifty Settles Above 17,200, Asian Paints Among Top Gainer

Sensex rises 477 points on global cues, Nifty closes above 17,200

Tracking upbeat global cues in the absence of domestic triggers, the Indian equity benchmark moved higher on Tuesday, December 28. The Sensex edged up 477.24 points or 0.83 per cent at 57,897.48, while the Nifty 50 index edged up 147 points or 0.86 at 17233.25. Asian Paints, Sun Pharma, UltraTech Cement, Mahindra & Mahindra (M&M) were among the top gainers. On the other hand, IndusInd Bank, Power Grid Corporation of India were the top drags.

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Almost all sectoral indices closed in the positive zone. Bank Nifty rose 0.36 per cent and Nifty Auto index rose 1.34 per cent.

Mid- and small-cap stocks traded on a positive note as Nifty Midcap 100 index rose 1.18 per cent and Nifty Smallcap 100 index rose 1.55 per cent.

Shares of Supriya Lifescience made a strong opening today amid positive market sentiment. Shares of the active pharmaceutical ingredients (API) maker opened at ₹425 on the BSE – a premium of 55.1 per cent or Rs 151 more than the issue price of Rs 274.

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India’s benchmark 10-year bond yield rose to its highest level since April last year as investors became wary of a heavy government debt pipeline, rising global oil prices and a lack of direct support from the central bank.

Traders said the absence of a new 10-year bond as part of the papers on sale on Friday in the upcoming debt auction also weighed on the sentiment as the outstanding stock on the current benchmark is already at ₹ 1.48 trillion.

Globally, oil prices extended gains on Tuesday with prices trading near one-month highs from the previous day on hopes that the Omicron coronavirus pandemic will have a limited impact on fuel demand. Oil prices have risen nearly 50 percent this year, supported by demand and supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+.

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