Sensex rallies more than 500 points, nifty above 17,150 led by bank shares

Sensex rallies more than 650 points, nifty above 17,150 led by bank stocks

Indian stock benchmarks opened a hole on Wednesday with Sensex rising more than 650 points and Nifty regaining its key psychological level of 17,150 led by gains in HDFC, Reliance Industries, Infosys, ICICI Bank, State Bank of India , Kotak Mahindra Bank and HDFC Bank. Meanwhile, other Asian brands also jumped back after falling in the previous session over concerns about the new Covid-19 variant. Japan’s Nikkei was up 0.7 percent, Hong Kong’s Hang Seng was up 1.42 percent and the Straits Times was up 1.2 percent.

As of 9:31 a.m., the Sensex was 613 points up at 57,678 and Nifty added 201 points ahead of 17,185.

In the previous session, Indian markets fell sharply in the previous session, reflecting losses in global markets after the CEO of the drugmaker Moderna on Tuesday sounded new alarm bells in the financial markets after he warned that COVID-19- vaccines were probably not as effective against the Omicron variant as they have been against the Delta version.

However, the markets returned to strong GDP data announced after the market prices on Tuesday.

Indian economy grew at the fastest rate of any major economy in the July-September quarter data released by the government. Gross domestic product expanded 8.4 per cent in the September quarter of a year earlier, statistics ministry data showed on Tuesday, in line with 8.4 per cent growth forecast in a Reuters poll and compared to a 20.1 per cent increase in the previous quarter.

Twelve of 15 sector meters compiled by the National Stock Exchange were trading higher under the Nifty Financial Services index’s 1.2 percent gain. Nifty Metal, Private Bank, Bank, IT and PSU Bank indices also rose between 0.7-1.2 percent.

On the other hand, Nifty Pharma, Media and Healthcare indices are trading with a negative bias.

Mid- and small-cap stocks were mixed as Nifty Midcap 100 index rose 0.4 percent while Nifty Smallcap 100 index fell 0.15 percent.

Eicher Motors was top Nifty gainer, the share rose 3.5 percent to Rs 2,452. IndusInd Bank, HDFC, Hindalco, Tech Mahindra, JSW Steel, HCL Technologies, Tata Motors, State Bank of India, Maruti Suzuki, Axis Bank and Asian Paints also rose between 1-3 percent.

On the other hand, Dr Reddy’s Labs, Indian Oil, Sun Pharma, Mahindra & Mahindra, ONGC, UltraTech Cement, Shree Cement and Grasim Industries were among the losers.

The overall market breadth was positive as 1,665 shares advanced while 1,044 fell on the BSE.

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