Lagatar24 Desk
Mumbai, Dec. 1: With gains in HDFC, Reliance Industries, Infosys, ICICI Bank, State Bank of India, Kotak Mahindra Bank, and HDFC Bank, Indian stock benchmarks opened with a gap up opening on Wednesday, with the Sensex climbing over 650 points and the Nifty reclaiming its critical psychological milestone of 17,150. Other Asian markets, meanwhile, have recovered after plunging in the previous day because to fears about the new Covid-19 version. The Nikkei in Japan gained 0.7 percent, the Hang Seng in Hong Kong gained 1.42 percent, and the Straits Times gained 1.2 percent.
The Sensex was up 613 points at 57,678 at 9:31 a.m., while the Nifty was up 201 points at 17,185.
In the previous session, Indian markets plummeted dramatically, reflecting losses in global markets, as Moderna’s CEO raised further concerns in financial markets on Tuesday, warning that COVID-19 vaccines would be less successful against the Omicron form than they had been against the Delta variant.
The markets, on the other hand, recovered when solid GDP data was released after market hours on Tuesday.
According to government figures, India’s GDP grew at the quickest rate of any major economy in the July-September quarter. According to statistics ministry figures released on Tuesday, gross domestic product increased 8.4% from a year ago, matching the 8.4% rise projected in a Reuters poll and contrasted to a 20.14% increase in the preceding quarter.
Twelve of the National Stock Exchange’s 15 sector indices were trading higher, headed by the Nifty Financial Services index, which gained 1.2 percent. The Nifty Metal, Private Bank, Bank, IT, and PSU Bank indices all increased by 0.7 to 1.2 percent.
The Nifty Pharma, Media, and Healthcare indices, on the other hand, were trading with a negative bias.
Mid- and small-cap stocks traded in a mixed bag, with the Nifty Midcap 100 index rising 0.4% and the Nifty Smallcap 100 index down 0.15 percent.
Eicher Motors was the top gainer on the Nifty, rising 3.5 percent to 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 all saw a 1-3 percent increase in their stock prices.
Dr. Reddy’s Laboratories, Indian Oil, Sun Pharma, Mahindra & Mahindra, ONGC, UltraTech Cement, Shree Cement, and Grasim Industries, on the other hand, were among the losers.
The overall market breadth was positive as 1,665 shares were advancing while 1,044 were declining on the BSE.
