Sensex jumps over 350 points in early trade; Nifty tops 17,600

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Photo source: File photo / PTI

In the previous session, the 30-share equity benchmark fell 20.46 points, or 0.03 percent, to close at 58,786.67, and the Nifty fell 5.55 points, or 0.03 percent, to 17,511.30.

Highlights

  • The Sensex rose more than 350 points in early Monday.
  • The Nifty rose 94.75 points, or 0.54 percent, to 17,606.05.
  • Powergrid was the top gainer in the Sensex pack, rising more than 3 percent.

The equity benchmark Sensex rose more than 350 points in early trade on Monday, tracking the gains of key index ICICI Bank, HDFC Twins and Axis Bank in a positive trend in global markets. The 30-share index rose 375.30 points, or 0.64 percent, to 59,161.97. Similarly, the Nifty rose 94.75 points, or 0.54 percent, to 17,606.05.

Powergrid was the top gainer in the Sensex pack, rising more than 3 percent, followed by Axis Bank, NTPC, Tata Steel, Ultratech Cement, Sun Pharma and Titan. On the other hand, Bajaj Finance and Nestle India were lagging behind.

In the previous session, the 30-share equity benchmark fell 20.46 points, or 0.03 percent, to close at 58,786.67, and the Nifty fell 5.55 points, or 0.03 percent, to 17,511.30.

Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 1,092.40 crore on Friday, according to the exchange.

“Despite a 39-year high CPI inflation print of 6.8 percent in November, the US market rallied and the yield on 10-year bonds stabilized. This did not affect the expected macro data market.

“However, the message from the expected meeting of the US Fed, ECB, Bank of England and Bank of Japan this week will signal interest rates, bond yields and the medium-term movement of the market,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services. The sharp rise in Omicron cases in the UK is a matter of concern, he noted.

In India, FPI’s relentless sales (Rs 33,799 crore in November and Rs 17,644 crore as of December 10) have been the major headwinds for the market, especially for banking stocks. But the sale of sustainable FPIs is not having a significant impact on the market other than putting caps on the rally, he said.

“The high earnings visibility of financial, IT and construction-related stocks are encouraging DII and retail purchases in this segment,” he added.

Elsewhere in Asia, markets in Shanghai, Tokyo, Seoul and Hong Kong are trading with significant gains in mid-session deals.

International oil benchmark Brent crude rose 1.16 percent to USD 76.02 a barrel.

Read more: Gold prices today: Gold rises 61 rupees; The price of silver has come down by Rs 615

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