What Happened With Market Today

Sensex surged by 673 points and the Nifty breached the 17,800 level on account of hectic buying across sectors. Continuing its winning momentum for the third straight session, Sensex opened with significant gains and saw further consolidation as the trade progressed. It finally closed at 59,856, clocking a gain of 673 points or 1.14 percent. Likewise, the NSE Nifty rose 180 points or 1 percent to end at 17,805. Bank, NBFC, Power, and Energy stocks were major gainers today. However, NSE 500 stocks advance-decline ratio was 1.2

On the Nifty chart, major gainers were NTPC, PowerGrid, SBI, Titan, Reliance, Bajaj Finance, and Axis Bank, rising as much as 5.50 percent. On the other hand, Sun Pharma, Ultratech Cement, IndusInd Bank, and Dr Reddy’s closed in the red.

Rally in the global market, impressive December auto monthly sales data, fresh inflows from foreign institutional investors, strong exports data, and hope of good Q3 results boosted market sentiment. FIIs were net buyers in the last two trading sessions is an indication of their renewed interest in India. Among the global market, both US and European markets set record highs on the first trading day of 2022. Asian markets witnessed mixed bags.

Among the major index, Nifty Energy Index witnessed the biggest gainer today and surged by 2.5%. Nifty Bank, BSE Telecom, and IT Index gained 1% each while Nifty Pharma, metal, and realty index slipped half percent each. India Vix slipped 2% to close at 16.12

Among the energy stocks, Reliance witnessed a smart rally after the news that Reliance Jio has received approval enabling it to use equipment from various vendors, including Ericsson, Nokia Networks, Cisco, and Dell, which have been endorsed as a ‘trusted source’ by the National Security Council Secretariat. The stock gained over 2% to close at Rs2458 amid 50lakh shares traded on NSE. Other energy stocks like NTPC surged 5% to close at Rs133. Both ONGC and Power Grid gained 3% each.

Banking and finance stocks like SBI surged 3% to close at Rs484. Axis Bank gained 2% to close at Rs709. ICICI Bank, Kotak Bank, Federal Bank gained over 1% each. NBFC major HDFC gained 1.5% to close at Rs2675. The company says that during the quarter ended December 31, 2021, the Corporation assigned loans amounting to Rs. 7,468 crore compared to Rs. 7,076 crore in the corresponding quarter of the previous year.

Metal stocks witnessed profit booking. Vedanta slipped 5% to close at Rs335 after the company said that the 5,79,000 tonnes of cast metal aluminum production were recorded at its smelters in the quarter ended December 31, 2021. Though this implies a 16 percent rise when compared to the same period in the previous fiscal, it is only a marginal jump of 2 percent against the production in Q2 FY2022.

Sugar stocks witnessed a smart rally on account of increased global sugar prices. Balrampur Chini surged 14% to close at Rs427. Dalmia Sugar, Andhra Sugar, EID Parry gained 8-10%.

The views and investment tips expressed by experts on kunjcapital.com are their own and not those of the website or its management. Kunjcapital.com advises users to check with certified experts before making any investment decisions. *Services related to Advisory on Kunjcapital.com are not running by kunjcapital.com and they are proposed services, Sebi Registration Awaited.