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Let’s take a look at what happened on Dalal Street today.
Tracking positive sentiments in global markets, the domestic equity market ended on a positive note for the third straight session. However, high levels of profit taking as well as rising cases of the Omicron version of COVID dampened the gains.
Barring media and metal sector, all others saw buying. The BSE barometer Sensex closed a little less than 400 points higher at 57,300. Its broader peer Nifty 50 added around 120 points and ended the session above the 17,000 mark. Broader markets outperformed headline peers, with BSE Midcap and Smallcap gaining one per cent each. Fear gauge India VIX fell sharply by nearly 5 per cent and slipped below the level of 16.
Power Grid was the top gainer on the BSE Sensex, up 3 per cent. It was followed by ITC, Bajaj Finance and NPTC, rising 2 per cent each. Tech Mahindra, Wipro, SBI, Bajaj Finserv, Bajaj Finance, Axis Bank, Titan, HDFC and M&M rose over one per cent each. The top losers were Airtel, Sun Pharma, Maruti and UltraTech Cement.
Around 545 stocks hit the upper circuit limit for the day and over 160 stocks hit the lower circuit. Over 90 stocks tested their 52-week highs during the session.
We have Vinod Nair of Geojit Financial Services to share his thoughts on the course of the day and the road ahead. Welcome to the show sir.
1. There has been a bullish trend in the market recently. What are the reasons behind this?
2. Which sectors do you think will perform better in 2022?
We also spoke with Rohit Singre of LKP Securities to decode the technical chart for you.
1. Nifty remains above 17,000 level. Where is this going now?
2. What do you have to say about Nifty Bank?
Asian markets closed strongly for the day. Major European markets were trading with gains in the first few hours of trading. US stock futures were pointing to a positive opening in US equities later in the day.
That’s all for now. Check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye!