Lagatar24 Desk
Mumbai, Dec.3: After nudging higher in early trading on Friday, Indian equities indexes gave up their gains. Despite negative global indications, the Sensex rose 296 points and the Nifty rose above its critical psychological threshold of 17,450. Asian markets sank as Didi, the Chinese ride-hailing giant, announced it will delist from the New York Stock Exchange, reigniting concerns about US-China tensions and digital regulation, while oil fell for the sixth week supplies a row due to Omicron and rate hike fears.
Futures on the S&P 500 dropped approximately 0.5 percent. The Hang Seng index in Hong Kong fell 1.3 percent, led down by prominent tech firms. The MSCI Asia ex-Japan stock index lost 0.7 percent.
Didi angered Chinese officials by proceeding with its $4.4 billion IPO in July, and announced on Weibo that it was considering relocating its listing to Hong Kong.
The Sensex was down 53 points at 58,409 at 10:00 a.m., and the Nifty 50 index was down 11 points at 17,390.
Twelve of the National Stock Exchange’s 15 sector indices were trading higher, topped by the Nifty Media index, which was up over 2%. The Nifty Realty, PSU Bank, Private Bank, Oil & Gas, and Bank Indices all gained between 0.6 and 1%.
Shares in FMCG, Pharma, and Healthcare, on the other hand, were under modest selling pressure.
The Nifty Midcap 100 index increased 0.55 percent, while the Nifty Smallcap 100 index rose 1.2 percent. Broader markets outperformed their larger peers as mid- and small-cap shares saw purchasing demand.
Larsen & Toubro was the highest gainer on the Nifty, rising nearly 3% to 1,837. Among the gainers were Bharat Petroleum, Eicher Motor, Indian Oil, Infosys, UPL, Axis Bank, Kotak Mahindra Bank, UltraTech Cement, Adani Ports, and Hero MotoCorp.
Bharti Airtel, SBI Life, Dr Reddy’s Labs, Asian Paints, Cipla, Sun Pharma, Divi’s Labs, and Reliance Industries, on the other hand, were among the losers.
On the BSE, the overall market breadth was positive, with 1,790 shares increasing and 946 decreasing.
