Lagatar24 Desk
Mumbai, Dec 31: The Indian equities benchmarks began the final session of the calendar year 2021 on a high note, powered by increases in heavyweights such as Reliance Industries and Titan Company. The benchmark S&P Sensex recaptured 58,000 points, rising almost 300 points, while the Nifty 50 rose 99 points to 17,300.
In early trading, Reliance Industries, Hindalco, Titan Company, and Axis Bank were among the top gainers. On the other hand, NTPC, IndusInd Bank, and ONGC were among the top NSE losers. The Nifty Midcap 100 index was up 0.82 percent, while the Nifty Smallcap 100 index was up 1.04 percent, indicating that mid- and small-cap stocks were doing well.
Friday’s Asian stock market was mixed. Outside of Japan, MSCI’s broadest index of Asia-Pacific stocks is up over 0.6 percent. The Nikkei index in Japan fell 0.4 percent on Thursday and remained closed for business on Friday. Blue chips in China were up 0.4 percent.
Even as new US economic data revealed that a recent increase in Omicron COVID-19 variant-related illnesses has not yet resulted in a surge in layoffs, global financial markets reversed gains after a day-long advance on Thursday.
The MSCI global stock index fell 0.15 percent, while the pan-European STOXX 600 index gained 0.15 percent. The Dow Jones Industrial Average dropped 0.25 percent, while the S&P 500 dropped 0.30 percent on Wall Street. The Nasdaq Composite Index was down 0.16 percent.
Oil prices closed lower on Wednesday in the crude market, with US crude sliding 0.13 percent to $76.46 per barrel and Brent ending the day at $79.30, up 0.09 percent. Brent has increased by more than 50% this year.
Textile stocks will be under focus today, as the 46th goods and services tax (GST) Council meeting will take place today, with a decision on reversing the raise in rates for the textile and footwear sectors likely. Many states have objected to higher textile tax rates and have asked for the increase to be postponed.
On the recommendations of the GST Council, the Central Board of Indirect Taxes and Customs (CBIC) announced that the GST rate on garments, textiles, and footwear would be hiked from 5% to 12% with effect from January 1, 2022.
Individual stocks to watch today include Reliance Industries, which announced on Friday morning that its wholly-owned entity Reliance New Energy Solar Ltd (RNESL) will buy a 100% share in UK-based solar batter manufacturer Faradion Ltd for GBP 100 million.
