Mumbai: Despite Omicron’s concern, the year 2022 started strongly in the domestic stock markets. The benchmark index BSE Sensex reclaimed the 59,000-mark with a jump of over 900 points on Monday. Market turned bullish with buying in bank, finance and IT stocks.
According to traders, a rally in the rupee against the dollar and favorable macroeconomic data also supported the trading sentiment. The BSE Sensex based on 30 shares had gone up to 59,266.39 points during trading. In the end, it gained 929.40 points, or 1.60 percent, to close at 59,183.22.
Similarly, the Nifty of the National Stock Exchange closed at 17,625.70 with a gain of 271.65 points or 1.57 percent. Bajaj Finance was the biggest gainer in the Sensex shares, up 3.52 per cent. Apart from this, Bajaj Finserv, ICICI Bank, Tata Steel, IndusInd Bank, HDFC Bank and Axis Bank also gained. On the other hand only five stocks… Dr Reddy’s, Mahindra & Mahindra, Tech Mahindra, Nestle India and Titan remained in losses.
On the last day of the year 2021, the stock markets closed with gains on Friday. On a yearly basis, the Sensex has gained 21.99 percent or 10,502.49 points and the Nifty has gained 24.11 percent or 3,372.3 points in 2021. Vinod Nair, Head of Research, Geojit Financial Services, said, “Domestic equities started the first trading day of the new year better led by bank, auto and IT stocks amid a positive trend in global markets. After the sales numbers, the vehicle stocks were closely watched by the investors.”
“The country’s manufacturing PMI (Purchasing Managers Index) stood at 55.5 in December, driven by improved production and new orders,” he said. It explains the detail. However, the pace of growth has slowed down on a quarterly basis. S Ranganathan, Head of Research, LKP Securities said that the market rally was all-round. There was a good rise in the shares of small and medium companies.
Other markets in Asia were mixed on the first day of 2022. Hong Kong’s Hang Sang declined while South Korea’s Kospi was in profit. Markets in Japan and China were closed. There was a sharp trend in the afternoon trading in the major markets of Europe. Meanwhile, international oil benchmark Brent crude rose 1.49 per cent to $78.94 per barrel.
The rupee exchange rate strengthened by three paise to close at 74.26 against the US dollar. According to stock market data, Foreign Institutional Investors (FIIs) were net buyers in the capital market. He bought shares worth Rs 575.39 crore on Friday.(Agency)