- Stock Markets on Monday: FII selling, US market corrections remain a pain point for domestic equities; Anil Singhvi gives trigge
- COVID-19: India recorded 3,33,533 new coronavirus cases, active cases increase to 21,87,205
- Netaji Subhas Chandra Bose Jayanti: President, Prime Minister pay tribute to the national hero, Bose's hologram statue at India
- FabIndia plans to raise up to Rs 4,000 crore through IPO - Top 10 things investors must know
- Mutual Fund in 2021: Equity outperforms Fixed Deposit, gold loses sheen while debt schemes least favoured by millennials
Dalal Street Corner: Sensex, Nifty surge over 1.5%; what should investors do on Wednesday?
Led by the metals, private banks and financial stocks, the Sensex settled over 850 points, while the Nifty50 closed above the sentimental level of 17150 at the market close.
The Indian markets on Tuesday witnessed a strong uptrend after two consecutive falls. Led by the metals, private banks and financial stocks, the Sensex settled over 850 points, while the Nifty50 closed above the sentimental level of 17150 at the market close.
Similarly, even the broader markets gained as mid-cap gained by 1.44 per cent and small-cap above 1 per cent higher at the market close. A key contributor to the Nifty50’s surge, the Nifty Bank gained almost 2.5 per cent to the 36,618-level, mainly led by ICICI Bank at the market close today.
See Zee Business Live TV Streaming Below:
The Monetary Policy Committee of the Reserve Bank of India is scheduled to release its bi-monthly policy decision on Wednesday. This is seen as the major reason for the banking and financial stocks witnessed a buying spree during Tuesday’s session.
Of 50 scrips on the Nifty, 45 stocks closed in the green and 5 in the red. Metal heavyweights such as Hindalco and Tata Steel jumped most by over 5 and 3.5 per cent respectively, while Axis Bank and ICICI Bank each surged around 3.5 per cent at the market close today.
Britannia, Cipla, Divis Lab, Asian Paints, IOC were the only stocks that closed negative in otherwise strong market on Tuesday, each slipped between 0.1-06 per cent.
In IPO segment, the initial share sale of RateGain Travel and Technologies has been launched on Tuesday. The three-day IPO will be open till December 9, 2021. Till 04:26 pm, It saw a subscription of 40 per cent, with retail investors showing maximum interest as the quota booked 2.15 times.
On the global front, the European markets too have started trade on a positive note, DAX 30 and CAC 40 have jumped 1.5 per cent each. US markets on Monday ended higher on easing concerns over Omicron after reports indicated that the new COVID variant is less severe.
The market analyst and Head Research (Retail) at Ashika Stock Broking Ltd - Arijit Malakar said, “The studies pertaining to the Omicron strain of COVID-19 cases have shown that even though the variant is fast spreading, it is largely milder than the Delta variant and that provides some relief to global equity markets. Riding on the positive developments, major global markets gained today.”
“In addition, the Chinese government pledged to provide both fiscal and monetary measures in order to support the slowing economy. RBI is expected to keep the interest rates steady when the MPC will announce the outcome of its meeting on December 8 and that warranted sustained accommodative stance from the central bank,” Malakar listed out the reasons for today’s surge.
Similarly, Mohit Nigam, Head - PMS, Hem Securities said, “Investors will be keeping a close look at tomorrow’s RBI MPC Meeting and the next movement of the market can be seen thereon. Immediate support and resistance for Nifty50 is 16800 and 17300 and for Bank Nifty is 35700 and 37000.”
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.