Bulls roar back! Sensex gains 887pts, Nifty ends 265pts higher; Banks lead

The broader indices also surged over a per cent each, and gainers outnumbered losers in 2.5:1 ratio

Closing Bell

The bulls roared back on Dalal Street on Tuesday as globally fears of a significant impact on economic recovery owing to Omicron variant receded. Further, investors lapped up banking shares a day ahead of the MPC (Monetary Policy Committee) meeting outcome.

After having shed over 1,700 points in the preceding two trading sessions, the BSE Sensex opened with a positive gap of 378 points, and mopped-up gains as the day progressed rallying all-the way to a high of 57,906. The Sensex pared some gains at close, still finished a healthy 887 points stronger at 57,634. The Nifty 50, on the other hand, soared to a high of 17,252, and settled with a gain of 265 points at 17,177.

"Post reversal formation, the Nifty has formed a promising bullish candle. On intraday charts, the index has also formed a higher bottom formation, which indicates a short-term uptrend. The uptrend wave could continue in the near future but due to overstretched intraday momentum, the Nifty may consolidate within the range of 17075-17280. On the flip side, below 17075, the uptrend would be vulnerable," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
 
Market Dashboard: Snapshot of key movers and shakers in trade today

The broader markets also finished with solid gains. The BSE Midcap and Smallcap indices rallied over a per cent each. The overall breadth too was extremely positive, with 2,328 advancing shares versus 952 declining stocks on the BSE.

Tata Steel surged nearly 4 per cent and was the top gainer among the Sensex shares. Axis Bank and ICICI Bank rallied 3.5 per cent each. Kotak Bank and SBI vaulted 2.5 per cent each. Asian Paints was the sole loser in the BSE 30.



Among sectors, the BSE Metal index surged 3.3 per cent. Bankex and Realty indices jumped 2.5 per cent each. IT, Auto, Consumer Durables, Capital Goods, Power and Oil & Gas indices were also smartly up.



As many as 434 stocks were locked their respective upper circuits, while 167 stocks hit the lower circuit in trades today.

Talbros Automotive Component rallied to a fresh 52-week high. The stock has zomoed 49 per cent in the last six trading sessions, after ace investor Vijay Kedia bought nearly 2 per cent stake in the company. READ MORE
 
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In the primary market, RateGain Travel Technologies IPO was off to a slow start and was subscribed up to 34 per cent as of 03:30 PM on Day 1 of the offer. The retail quota had received bids of 1.9 times.
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Markets at 02:20 PM

Live market update: The key benchmark indices continue to hover near the high's of the day led by strong gains in IT and financial shares.

The BSE Sensex touched a high of 57,902, and was up 1,149 points at 57,896. The NSE Nifty has rallied 337 points to 17,249. The BSE Midcap and Smallcap indices were up 1.3 per cent and 1.1 per cent, respectively.

ICICI Bank was the major gainer, up 4 per cent at Rs 739. Axis Bank, Tata Steel, Kotak Bank, Bajaj Finance and Maruti were the other major gainers. IT shares - TCS, Infosys and Tech Mahindra were up around 1.5 per cent each.

In the broader market, CarTrade Tech hit a new all-time low and was down a per cent. The stock has plunged 46% from its issue price. READ MORE

Elsewhere in Asia, Hang Seng rallied 2.5 per cent, and Nikkei surged 1.9 per cent. Kospi and Taiwan gained 0.6 per cent each, while Straits Times added 0.4 per cent. China's Shanghai Composite was up 0.2 per cent.

Meanwhile, the European markets too have started trade on a positive note. DAX 30 and CAC 40 have jumped 1.5 per cent each, while FTSE 100 has advanced a per cent.
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Markets at 12:30 PM

LIVE market updates: It is a sea of green as market bulls rule over Dalal Street. The BSE Sensex was marginally below the day's high level (57,771) at 12:33 PM and was at 57,674-mark, up 927 points. 

The Nifty50, too, was near the 17,200-mark at 17,193 level. Both the frontline indices are up 1.6 per cent.

In the broader market, the BSE MidCap and SmallCap indices were underperforming and were up less than 1 per cent each. 

Key risks to equities in 2022

After a stellar run in 2021 that saw the S&P BSE Sensex and the Nifty50 clock gains of 20 per cent and 22 per cent respectively, global equity markets, including India, are gearing up to welcome 2022 on a cautious note. READ MORE

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Markets at 11 AM

LIVE market updates: Private banks powered a stellar rally on the bourses on Tuesday with Kotak Bank, Axis Bank, and ICICI Bank soaring 3 per cent each on the Sensex. That apart, gains in other heavyweights like Tata Steel, Bajaj Finance, SBI, Maruti Suzuki, and HDFC also supported gains.

The S&P BSE Sensex was at 57,538 levels, up 791 points or 1.4 per cent. The Nifty50, meanwhile, was at 17,147.

In the broader markets, the BSE MidCap and SmallCap indices added 0.7 per cent and 0.9 per cent, respectively.

Among individual stocks, shares of IFCI continued their northward movement for the second straight day on back of heavy volumes. The stock has rallied 9 per cent to Rs 16.29 on the BSE in Tuesday’s intra-day trade, and was trading closer to its 52-week high of Rs 16.40 touched on June 24, 2021. READ MORE

Primary market update: The initial share sale of RateGain Travel Technologies has been subscribed 16 per cent so far with the retail portion nearly fully subscribed. 

According to analysts at Arihant Capital, at the upper end of the IPO, the company is valued at a P/BV multiple of 16x based off it’s FY21 NAV per share of Rs 26. The brokerage recommends a ‘SUBSCRIBE’ rating for aggressive investors looking for listing gains. READ MORE

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Markets at 10 AM

LIVE market updates: Benchmark indices have recouped more-than-half of yesterday's losses amid gains in banking and metal counters.

The S&P BSE Sensex was near the day's high at 57,340, up 592 points. The Nifty50 was inching towards 17,100-mark.

Sectorally, the Nifty Bank and Metal indices were up 2 per cent each, followed by the Nifty Financial Services and Realty indices, up 1.4 per cent each.

Currency market: The Indian rupee opened at 75.21 per US dollar compared with Monday's close of 75.17/$. 

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Opening Bell

LIVE market updates: Indian equities tried to recover from Monday's sell-off in early deals on Tuesday, taking support from firm global cues. The S&P BSE Sensex added 338 points, or 0.6 per cent, to quote at 57,085.5 level. The Nifty50, on the other hand, was back above the 17,000-mark, up 121 points.

Twenty nine of the 30 Sensex constituents were in the green, led by Tata Steel (up 2 per cent), Kotak Bank, Axis Bank, Maruti Suzuki, IndusInd Bank, and SBI. The only losers on the index was Dr Reddy's Labs (down 1 per cent).

In the broader markets, the MidCap and SmallCap indices advanced 0.6 per cent and 0.9 per cent, respectively.

Among individual stocks, shares of IndiGo zoomed 4.7 per cent after the promoters called an extraordinary general meeting (EGM) on December 30 to scrap a clause in the company’s articles of association (AoA), which gives them the right of first refusal (RoFR) over acquisition of each other’s shares.

Besides, Reliance Infrastructure also hit 5 per cent upper circuit after DMRC suggested taking over the Reliance Infrastructure subsidiary's debt to the extent of the award money.

Sectorally, all the indices were trading over 1 per cent higher, barring the Nifty Financial Services index (up 0.8 per cent) and the Nifty FMCG index (up 0.5 per cent). 

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Pre-open session

LIVE market updates: The S&P BSE Sensex gained 356 points, or 0.6 per cent, to trade at 57,103 in pre-open trade. The Nifty50 index, meanwhile, was at 17,027, up 115 points.

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LIVE market updates: Indian equities may stage some recovery from Monday's sell-off and open higher on Tuesday. At 8:07 AM, SGX Nifty was at 17,053 compared with Nifty's spot close of 16,912 yesterday.

Supportive global cues and stock-specific action will guide the markets today.

 Stocks across Asia-Pacific jumped on Tuesday, bouncing back from Monday losses as Wall Street rallied on optimism that the omicron variant risk might not be as bad as feared.

Hong Kong's Hang Seng was up 1.29 per cent, Shanghai composite added 0.38 per cent, and Australia's ASX200 rose 0.6 per cent. Further, Japan's Nikkei 225 jumped 1.39 per cent, while the Topix was up 1.21 per cent. South Korea's Kospi edged up 0.11 per cent. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.64 per cent.

Overnight, the Dow Jones Industrial Average soared 1.87 per cent. The Nasdaq Composite climbed out of negative territory and ended 0.9 per cent higher. The S&P 500 rose 1.1 per cent.

Primary market 

RateGain Travel Technologies Ltd is open its three-day initial public offer today. The company has fixed a price band of Rs 405-425 per share and hopes to garner close to Rs 1,336 crore at the upper price band of the offer.