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Sensex zooms 1,016 points, Nifty ends above 17,450; banking, IT, auto shares top gainers

Sensex zooms 1,016 points, Nifty ends above 17,450; banking, IT, auto shares top gainers

Sensex ended 1,016 points higher at 58,649 and Nifty surged 293 points to 17,469.

 On Tuesday, the Indian market staged a smart recovery from the previous session crash led by fears over Omicron variant. Sensex ended 886 points higher at 57,633 and Nifty surged 264 points to 17,176. On Tuesday, the Indian market staged a smart recovery from the previous session crash led by fears over Omicron variant. Sensex ended 886 points higher at 57,633 and Nifty surged 264 points to 17,176.

Indian market closed higher for the second consecutive session today, backed by gains in banking, auto and IT shares amid positive global cues. Sensex ended 1,016 points higher at 58,649 and Nifty surged 293 points to 17,469.

On Tuesday, the Indian market staged a smart recovery from the previous session crash led by fears over Omicron variant. Sensex ended 886 points higher at 57,633 and Nifty surged 264 points to 17,176.

Bajaj Finance, Maruti,SBI and Bajaj Finserv were the top Sensex gainers, rising up to 3.62%. Kotak Bank and Power Grid were the only losers on Sensex, falling up to 0.85%.

Market cap of the BSE-listed firms rose by Rs 4 lakh crore to Rs 264.20 lakh crore today. On Tuesday, the market cap climbed to Rs 260.20 lakh crore.

 BSE mid cap and small cap indices rose 349 points and 426 points, respectively.

Vinod Nair, Head of Research at Geojit Financial Services, said, "Fears over Omicron faded as recent reports suggested that the new virus isn't deadly as earlier anticipated and this helped the market to add-on to recent strong gains. The market turned positive over RBI's continued accommodative stance and MPC kept the rates unchanged. The GDP forecast for FY22 remained high at 9.5% showing confidence over economic recovery and inflation forecast is below the market estimates."

On the sectoral front, banking, IT and auto shares led the gains. BSE bankex rose 673 points to 42,380 and BSE IT index gained 676 points to 35,266. BSE auto index surged 544 points to 24,922.

All 19 BSE sectoral indices ended in the green. The market breadth was positive with 2,328 shares ending higher against 949 stocks in the red. 134 shares were unchanged.

Foreign institutional investors (FIIs) sold shares worth Rs 2,584 crore on December 7, and domestic institutional investors (DIIs) bought shares worth Rs 2,605 crore, as per provisional data available on NSE.

Indian equities closed higher on Tuesday, backed by gains in banking and consumer durables shares amid positive global cues.

Sensex ended 886 points higher at 57,633 and Nifty surged 264 points to 17,176. Tata Steel, Axis Bank and ICICI Bank shares were the top Sensex gainers, rising up to 3.63%. Asian Paints was the sole loser on Sensex, ending 0.22% lower at Rs 3,031.

On Monday, Sensex ended 949 points lower at 56,747 and Nifty closed 284 points lower at 16,912 amid a rise in the number of positive cases of Omicron variant in India to 21.

Global markets

Asian markets closed on a positive note today as fears over the effects of Omicron variant of Covid-19 on the global economic recovery receded.

Australia's S&P/ASX 200 rose 91 points to 7,405. Nikkei  ended 405 points higher at 28,860 and Shanghai Composite rose 42 points at 3,637. Hang Seng index gained 13 points to 23,996.

In Europe, FTSE climbed 26 points to 7,365, DAX was down 49 points, and CAC lost 26 points to 7,038.