Market opens on firm note; breadth strong

Benchmark indices are trading firm in early trade on buying demand in index pivotals. The Nifty moved above 17,150 level. At 9:21 IST, the barometer index, the S&P BSE Sensex, jumped 441.6 points or 0.77% at 57,702.79. The Nifty 50 index added 125.75 points or 0.74% at 17,179.75. Most Asian stocks are trading higher.

In the broader market, the S&P BSE Mid-Cap index gained 0.96% while the S&P BSE Small-Cap index added 1.2%.

The market breadth was strong. On the BSE, 1681 shares rose and 515 shares fell. A total of 84 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,332.21 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 4,611.41 crore in the Indian equity market on 29 November, provisional data showed.

Stocks in Spotlight:

Mastek rose 3.86% to Rs 2612 after the company said its wholly-owned UK subsidiary has been awarded a healthcare contract worth 45 million by National Health Services Digital. The contract with NHS Digital is over the four-year period from October 2021 to October 2025.

Tatva Chintan Pharma Chem jumped 4.41% after the company informed that as a part of future need, the company has acquired an industrial land admeasuring 50,399.16 Sq. mtr at Dahej-III GIDC Estate, Bharuch, Gujarat, India.

Ratnamani Metals & Tubes added 5% after the company said it received new domestic orders aggregating to Rs.297.87 crore from the Oil & Gas Sector, to be executed between February 2022 to January 2023.

Global markets:

Asian stocks are mostly trading higher on Tuesday as Japanese stocks led gains regionally, with investors reacting to the release of Chinese factory activity data for November.

China's factory activity unexpectedly picked up in November, growing for the first time in three months as raw material prices fell and power rationing abated. The official manufacturing Purchasing Manager's Index (PMI) was at 50.1 in November, up from 49.2 in October, data from the National Bureau of Statistics showed.

Investors in the region also continued to track any developments surrounding the omicron variant, which the World Health Organization said is likely to spread further and poses a very high global risk.

Wall Street stocks closed higher on Monday, regaining some of the ground they lost in Friday's sell-off as investors were hopeful that the Omicron coronavirus variant would not lead to lockdowns after reassurance from U.S. President Joe Biden.

If people are vaccinated and wear their masks, there's no need for lockdowns, Biden said on Monday. Biden also said there would be no new travel restrictions.

Powered by Capital Market - Live News