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Nifty regains 17,000; strong market breadth

Published on Dec 23, 2021 09:26

The domestic equity barometers are trading with strong gains in early trade on steady buying demand in index pivotals. The Nifty was trading above the key 17,000 mark. All the sectoral indices on the NSE are trading higher led by metal, auto and realty.

At 09:23 IST, the barometer index, the S&P BSE Sensex, was up 253.63 points or 0.45% to 57,184.19. The Nifty 50 index added 78.30 points or 0.46% to 17,033.75.

Among the Nifty 50 stocks, Adani Ports (up 3.13%), IOC (up 2.52%), Bajaj Finance (up 1.74%), Power Grid Corp (up 1.64%) and NTPC (up 1.63%) advanced.

Meanwhile, Divi`s Lab (down 0.81%), Asian Paints (down 0.35%), UPL (down 0.24%) and Bharti Airtel (down 0.17%) lagged behind.

In the broader market, the S&P BSE Mid-Cap index rose 0.73% while the S&P BSE Small-Cap index added 0.71%.

Buyers outnumbered sellers. On the BSE, 1976 shares rose and 520 shares fell. A total of 73 shares were unchanged.

Stocks in Spotlight:

Kotak Mahindra Bank rose 0.94% to Rs 1779.65. Kotak Mahindra Prime (Kotak Prime), a subsidiary of Kotak Mahindra Bank, announced that it has acquired the passenger vehicle finance portfolio of Ford Credit India Private Limited (FCIPL), the Indian captive financing arm of Ford Motor Company. FCIPL has been operating in India since 2015.

Indiabulls Real Estate added 1.61% to Rs 163.65. The company said that its board has approved raising of funds up to Rs 1,500 crore to augment the long-term resources and to maintain sufficient liquidity for meeting funding requirements for business activities, existing & new projects & future business growth.

Great Eastern Shipping Company jumped 5.49% to Rs 290.95. The company said that a meeting of the board of directors is scheduled on 27 December 2021 to consider and approve a proposal for buy-back of equity shares of the company.

Global Markets:

Asian stocks are trading higher on Thursday, seeing a continued rebound from fears over the omicron Covid variant.

Investors will continue monitoring Covid developments after the Chinese city of Xi`an ordered its 13 million residents to stay at home as it deals with rising Covid cases, as per reports.

U.S. stocks rose on Wednesday, rallying for a second day as the market continued to rebound from a three-day losing streak spurred by fears about the omicron variant.

US economic growth slowed in the third quarter amid a flare-up in COVID-19 infections, the government confirmed on Wednesday. Gross domestic product increased at a 2.3% annualised rate, the Commerce Department said in its third reading of GDP growth for the July-September quarter.

The Food and Drug Administration on Wednesday granted emergency use authorization for Pfizer`s Covid pill, the first antiviral drug against the virus for at-home use.

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