Shares extend gains; Nifty trades near 17,100
Published on Dec 27, 2021 14:15
The benchmark indices extended gains in mid-afternoon trade, supported by pharma and healthcare stocks. The Nifty marched towards 17,100 mark.
At 14:15 IST, the barometer index, the S&P BSE Sensex, rose 265.91 points or 0.47% at 57,390.22. The Nifty 50 index gained 74.25 points or 0.44% at 17,078.
In the broader market, the S&P BSE Mid-Cap index added 0.27% while the S&P BSE Small-Cap index rose 0.49%.
The market breadth was strong. On the BSE, 2,110 shares rose and 1,298 shares fell. A total of 165 shares were unchanged.
India looks set to overtake France next year and then Britain in 2023 to regain its place as the world`s sixth biggest economy.
In a report, the British consultancy CEBR said the world`s economic output will exceed 100 trillion dollar for the first time next year and it will take China a little longer than previously thought to overtake the United States as the No.1 economy. CEBR predicted China will become the world`s top economy in dollar terms in 2030, two years later than forecast in last year`s World Economic League Table report.
CEBR deputy chairman Douglas McWilliams said, the important issue for the 2020s is how the world economies cope with inflation, which has now reached 6.8 per cent in the U.S.
The report showed Germany was on track to overtake Japan in terms of economic output in 2033. Russia could become a Top 10 economy by 2036 and Indonesia looks on track for ninth place in 2034.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 6.463% as compared with 6.462% at close in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 75.0150, compared with its close of 75.03 during the previous trading session.
MCX Gold futures for 4 February 2022 settlement rose 0.05% to Rs 48,142.
The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, rose 0.07% to 96.09.
In the commodities market, Brent crude for February 2022 settlement fell 96 cents at $75.89 a barrel.
The Nifty Healthcare index rose 1.28% to 8,607.95. The index lost 0.91% in the last trading session.
Laurus Labs (up 3.96%), Torrent Pharmaceuticals (up 3.05%), Glenmark Pharmaceuticals (up 2.74%), Granules India (up 2.71%) and Strides Pharma Science (up 2.67%) were the top gainers in the Healthcare segment.
Lupin gained 1.95%. The company said that it has received approval from the United States Food and Drug Administration (FDA) for its abbreviated new drug application (ANDA) Sevelamer Carbonate for oral suspension. The drug is a generic equivalent of Renvela for oral suspension of Genzyme Corporation. Sevelamer is used to control high blood levels of phosphorus in people with chronic kidney disease who are on dialysis.
European shares fell across the board while Asian stocks were mixed on Monday, as traders kept a watchful eye on the latest developments around the omicron COVID-19 variant.
New studies in South Africa and the U.K. suggest omicron has a reduced risk of hospitalization and severe illness.
China`s industrial profits in November jumped 9% from last year, data released by China`s National Bureau of Statistics showed. The US markets were shut on Friday, 25 December 2021 on account of Christmas holiday.
US airlines have cancelled or delayed thousands of flights over the past three days due to COVID-19-related staff shortages, while several cruise ships had to cancel stops after outbreaks on-board.
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