You are here: Home » Markets » News
Business Standard

Market wrap: Markets pause to breathe as investors await data on Omicron

RIL and Kotak Bank power 153-point Sensex rally; Nifty holds 17,050; Brokerages bullish on RIL stock after Jio hikes tariff by 21%

MARKET WRAP | BSE Sensex | NSE Nifty

BS Web Team  |  New Delhi 

Top headlines:

• RIL and Kotak Bank power 153-point Sensex rally; Nifty holds 17,050

• Brokerages bullish on RIL stock after Jio hikes tariff by 21%

• CoinDCX plans IPO 'as soon as' the govt allows

• RBI wants digital currency included under the definition of 'bank note', says Fin Min

Global markets, including India, calmed on Monday as investors awaited data on whether the Omicron variant of would really derail economic recoveries and limit movement of goods and people.

In the commodity markets, oil prices bounced by $3 a barrel, or 5 per cent, to recoup some of Friday's shellacking. The safe haven yen also took a breather after its run higher.

In early deals, the UK's FTSE 100 and Germany's DAX rose 0.7 per cent each, while France's CAC 40 was up 1 per cent. The rally came after European Central Bank President Christine Lagarde said the euro zone was better equipped to face the economic impact of a new wave of Covid-19 infections or the Omicron variant.

However, in Asia, Japan's Nikkei and South Korea's Kospi dipped 1.6 per cent and 0.9 per cent, respectively. Australia's ASX200, also, ended 0.5 per cent lower.

Against this backdrop, the benchmark indices in India ended around 0.2 per cent higher, lifted by gains in RIL, besides IT and select consumer durables stocks.

The closed 153 points higher at 57,260, and the Nifty50 gained 27 points to 17,054.

The stock, which ended about 1 per cent higher, accounted for over 50 per cent of the index's gains today. The shares surged 4 per cent in intra-day trade after Reliance Jio announced an across-the-board tariff hike. Analysts are bullish on the stock and expect ARPUs to rise above the Rs 170 mark.

Kotak Bank, HCL Tech, TCS, Titan, and Bajaj Finance were the other top gainers on the Sensex. On the downside, Sun Pharma, NTPC, Axis Bank, HDFC, and Power Grid were the top losers.

The broader markets, however, continued to witness profit booking. The BSE MidCap index fell 1 per cent and the BSE SmallCap index dropped 2 per cent.

Overall, market breadth on the BSE favoured sellers in a ratio of 2.5:1.

Before we close, here’s a look at some of the other top developments of the day:

• The Ministry of Finance informed the Lok Sabha on Monday that it had received a proposal from the Reserve Bank of India for an amendment to the RBI Act to enhance the scope of the definition of 'bank note' to include currencies in the digital form.

• Separately, the government seems to have no proposal to recognise Bitcoin as a currency in the country. Finance Minister Nirmala Sitharaman said in a reply to the Lok Sabha on Monday that the government did not collect data on Bitcoin transactions.

• Lastly, India's first cryptocurrency unicorn, CoinDCX, plans to bring an initial public offering as soon as government regulations allow it, said co-founder Neeraj Khandelwal.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Mon, November 29 2021. 16:43 IST