Lagatar24 Desk
Mumbai, Dec.28: The Sensex rose 477 points and the Nifty closed above 17,200 on global cues on Tuesday, December 28.
In the absence of domestic triggers, the Indian equity indices nudged higher reflecting bullish global indications. The BSE Sensex rose 477.24 points, or 0.83 percent, to 57,897.48, while the Nifty 50 index rose 147 points, or 0.86 percent, to 17233.25. Among the top gainers were Asian Paints, Sun Pharma, UltraTech Cement, and Mahindra & Mahindra (M&M). IndusInd Bank and the Power Grid Corporation of India, on the other hand, were the biggest drags.
Almost all of the sectoral indices ended the day in the green. The Bank Nifty index was up 0.36 percent, while the Nifty Auto index was up 1.34 percent. The Nifty Midcap 100 index was up 1.18 percent, and the Nifty Smallcap 100 index was up 1.55 percent, indicating that mid- and small-cap stocks were doing well.
Supriya Lifescience’s stock soared to new highs today on the back of strong market mood. The active pharmaceutical ingredients (API) manufacturer’s shares opened at Rs. 425 per share on the BSE, a premium of 55.1 per cent or Rs.151 above the issue price of Rs.274.
Meanwhile, India’s benchmark 10-year bond yield climbed to its highest level since April of last year, as investors became concerned about the massive government debt load, rising global oil prices, and the central bank’s lack of direct support.
Traders said the lack of a new 10-year bond among the papers for sale at the next debt auction on Friday weighed on sentiment, as the old benchmark’s outstanding stock is already at Rs. 1.48 trillion.
Oil prices continued to rise globally, trading around a one-month high on hopes that the Omicron coronavirus type will have a limited impact on fuel demand. Oil prices have climbed by approximately 50% this year, owing to rising demand and production curbs by the Organization of Petroleum Exporting Countries (OPEC) and its partners, known as OPEC+.
