The bulls roared back on Dalal Street on Tuesday as globally fears of a significant impact on economic recovery owing to Omicron variant receded. Further, investors lapped up banking shares a day ahead of the MPC (Monetary Policy Committee) meeting outcome.
After having shed over 1,700 points in the preceding two trading sessions, the BSE Sensex opened with a positive gap of 378 points, and mopped-up gains as the day progressed rallying all-the way to a high of 57,906. The Sensex pared some gains at close, still finished a healthy 887 points stronger at 57,634. The Nifty 50, on the other hand, soared to a high of 17,252, and settled with a gain of 265 points at 17,177.
"Post reversal formation, the Nifty has formed a promising bullish candle. On intraday charts, the index has also formed a higher bottom formation, which indicates a short-term uptrend. The uptrend wave could continue in the near future but due to overstretched intraday momentum, the Nifty may consolidate within the range of 17075-17280. On the flip side, below 17075, the uptrend would be vulnerable," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
Market Dashboard: Snapshot of key movers and shakers in trade today
The broader markets also finished with solid gains. The BSE Midcap and Smallcap indices rallied over a per cent each. The overall breadth too was extremely positive, with 2,328 advancing shares versus 952 declining stocks on the BSE.
Tata Steel surged nearly 4 per cent and was the top gainer among the Sensex shares. Axis Bank and ICICI Bank rallied 3.5 per cent each. Kotak Bank and SBI vaulted 2.5 per cent each. Asian Paints was the sole loser in the BSE 30.
Also read: 5 reasons why analysts think ICICI Bank could be the next sector leader
Among sectors, the BSE Metal index surged 3.3 per cent. Bankex and Realty indices jumped 2.5 per cent each. IT, Auto, Consumer Durables, Capital Goods, Power and Oil & Gas indices were also smartly up.
Also read: December will be a trying time for these 10 stocks including Nykaa, Paytm
As many as 434 stocks were locked their respective upper circuits, while 167 stocks hit the lower circuit in trades today.
Talbros Automotive Component rallied to a fresh 52-week high. The stock has zomoed 49 per cent in the last six trading sessions, after ace investor Vijay Kedia bought nearly 2 per cent stake in the company. READ MORE
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In the primary market, RateGain Travel Technologies IPO was off to a slow start and was subscribed up to 34 per cent as of 03:30 PM on Day 1 of the offer. The retail quota had received bids of 1.9 times.
Markets at 02:20 PM
Live market update: The key benchmark indices continue to hover near the high's of the day led by strong gains in IT and financial shares.
The BSE Sensex touched a high of 57,902, and was up 1,149 points at 57,896. The NSE Nifty has rallied 337 points to 17,249. The BSE Midcap and Smallcap indices were up 1.3 per cent and 1.1 per cent, respectively.
ICICI Bank was the major gainer, up 4 per cent at Rs 739. Axis Bank, Tata Steel, Kotak Bank, Bajaj Finance and Maruti were the other major gainers. IT shares - TCS, Infosys and Tech Mahindra were up around 1.5 per cent each.
In the broader market, CarTrade Tech hit a new all-time low and was down a per cent. The stock has plunged 46% from its issue price. READ MORE
Elsewhere in Asia, Hang Seng rallied 2.5 per cent, and Nikkei surged 1.9 per cent. Kospi and Taiwan gained 0.6 per cent each, while Straits Times added 0.4 per cent. China's Shanghai Composite was up 0.2 per cent.
Meanwhile, the European markets too have started trade on a positive note. DAX 30 and CAC 40 have jumped 1.5 per cent each, while FTSE 100 has advanced a per cent.
Markets at 12:30 PM
LIVE market updates: It is a sea of green as market bulls rule over Dalal Street. The BSE Sensex was marginally below the day's high level (57,771) at 12:33 PM and was at 57,674-mark, up 927 points.
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First Published: Tue, December 07 2021. 08:17 IST