Indian stock market indexes surged today
Indian Stock Market Indexes Surged today as Investors shrugged off Omicron worries
Indian stock market indexes maintained their upbeat mood for the second day in a row. The markets opened a gap-up in the morning amid positive global cues. The equity benchmark indexes, Sensex opened at 58158.56 levels up by 524.91 points while Nifty made a positive opening of 138.55 points at 17315.25 levels.
Indian Stock Market news today
Markets extended their gains after the Reserve Bank of India’s Monetary Policy Committee held the repo rate at a record low of 4 percent and maintained an accommodative policy stance to support the economic growth for as long as it required. The market sentiments remained upbeat with rating agency S&P’s statement that the impact of the new covid variant on India’s economic outlook would be contained. The global rating agency expects India’s economy to grow 9.5 percent in FY22 and 7.8 percent in FY23.
Further adding to the optimism, the Minister of State for Finance Bhagwat Karad said that the government has taken comprehensive steps to tackle defaults in Public Sector Banks (PSB’s) and to affect recovery from defaulters. PSB’s have recovered over Rs 4.18 lakh crore in the last three financial years from incidents pertaining to frauds and defaults.
Meanwhile, traders took a note of the Fitch Rating report in which it cut India’s economic growth forecast to 8.4 percent for the FY22 but raised GDP growth forecast for the next financial year to 10.3 percent
On the global front, Asian markets were mostly closed in the green today as investors bet that the new variant of the Coronavirus- Omicron won’t pose a big threat to the economy. European markets are mostly trading in the green today, profit booking dragging the DAX at this moment.
Stock Market at the Close
At the close, Nifty gained by 293.05 points or 1.71 percent and closed at 17469.75 while Sensex was up by 1016.03 points or 1.76 percent and finished at 58649.68 levels. The Bank Nifty index also jumped today, it closed higher by 666.30 points or 1.82 percent and ended at 37284.70 levels.
The broader markets closed in the green today following their larger peers. The Nifty midcap index was up by 486.55 points or 1.61 percent and closed at 30769.15 levels. The Nifty smallcap index was gained by 197.75 points or 1.83 percent and finished at 11024.25 levels.
Top Nifty Gainers and Losers
The top gainers in the Nifty 50 index were Bajaj Finance, Maruti, Hindalco, SBI, and Bajaj Finserv. whereas the top losers were HDFC Life, Kotak Bank, Power Grid, Divis Lab, and IOC.
The Nifty midcap index top gainers were MindTree, Balkrishna Industries, Adani Total Gas and the losers were Whirlpool, Container Corp, and Sanofi India.
The top gainers in the Nifty smallcap index were Sequent Scientific, Route, Indian Bank and the losers were Carborundum, Thyrocare Techn, Blue Start
The most active stocks in the Nifty index in terms of value were ICICI Bank, HDFC Bank, Bajaj Finance. The most active stocks in terms of volume were ICICI Bank, Tata Motors, and SBI.
On a sectoral front, all the sectors closed in the green today. The sectors that led the rally were Auto, Media, Banking, Pharma, Financial Services, and Metals
You may also like to read, Weekly Stock Market Prediction (6 Dec -10 Dec 2021)
What is SGX Nifty? Can Indian trade in SGX Nifty?
Happy Investing!!
Editorial Desk
