Sensex Reclaims 58,000, Nifty Crosses 17,300 On Last Session Of 2021, Reliance Gains
Reliance Industries, Hindalco, Titan Company were the top gainers in the early trade.
Indian equity benchmarks opened on a positive note in the last session of calendar year 2021, led by gains in giants like Reliance Industries, Titan Company. The benchmark S&P Sensex reclaimed the 58,000 mark, opening over 300 points higher, while the Nifty 50 edged higher by 99 points above 17,300.
Reliance Industries, Hindalco, Titan Company, Axis Bank were the top gainers in early trade. On the flipside, NTPC, IndusInd Bank, ONGC were among the top losers on the NSE. Mid- and small-cap stocks traded on a positive note as Nifty Midcap 100 index rose 0.82 per cent and Nifty Smallcap 100 index rose 1.04 per cent.
Asian shares traded mixed on Friday. MSCI’s broadest index of Asia-Pacific shares outside Japan is up over 0.6 percent. Japan’s Nikkei index closed down 0.4 per cent on Thursday and was closed for trading on Friday. Chinese blue chips were up 0.4 per cent.
Global stock markets reversed gains on Thursday after a day’s rally, even as fresh US economic data indicated that recent infections related to the Omicron COVID-19 variant are still in the offing. Till date there has been no increase in layoffs.
The worldwide gauge of MSCI shares fell 0.15 per cent, while the pan-European STOXX 600 index rose 0.15 per cent. On Wall Street, the Dow Jones Industrial Average fell 0.25 per cent, while the S&P 500 lost 0.30 per cent. The Nasdaq Composite fell 0.16 percent.
On the stock-specific front, textile stocks will remain in focus as the 46th Goods and Services Tax (GST) Council meeting – which is expected to take a decision on reversing the rate hike for the textile and footwear sectors – is held today. Several states have flagged higher tax rates on textile products and demanded that the rate hike be stopped.
Earlier, the Central Board of Indirect Taxes and Customs (CBIC) had announced on the recommendations of the GST Council that the rate of GST on textiles, clothing and footwear would be increased from five per cent to 12 per cent with effect from January 1. , 2022.
Among individual stocks, Reliance Industries will be in focus today as the flagship conglomerate on Friday morning announced that its wholly owned entity Reliance New Energy Solar Ltd (RNESL) will acquire 100 per cent stake in UK-based solar battery company Faradion Ltd. GBP 100 million.
Leading cash management company CMS Info Systems will make its stock exchange debut today – being the last company to be listed on stock exchanges in 2021. The Rs 1,100 crore IPO was subscribed 1.95 times till the end of its bidding process.
Also, the country’s largest lender State Bank of India (SBI) yesterday announced an investment of Rs 34.03 crore to acquire 9.95 per cent stake in India International Clearing Corporation (IFSC) to strengthen financial markets infrastructure. .
