The key equity indices came off the day's high in mid afternoon trade. The Nifty was trading above the 17,050 mark. FMCG shares extended gains for the third session.
At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 386.60 points or 0.68% to 57,317.16. The Nifty 50 index gained 111.35 points or 0.66% to 17,066.80.
Sentiment got a boost as global shares were trading higher. Investors reacted to a study out of South Africa suggesting a reduced risk of hospitalization and severe disease with omicron compared to delta. Meanwhile, the U.S. Centers for Disease Control and Prevention authorized an antiviral Covid pill from Pfizer for people aged 12 and above at risk of severe illness.
In the broader market, the S&P BSE Mid-Cap index rose 0.89% while the S&P BSE Small-Cap index added 0.76%.
The market breadth was strong. On the BSE, 2215 shares rose and 1064 shares fell. A total of 132 shares were unchanged.
Numbers to Track:
The yield on 10-year benchmark federal paper was currently flat at 6.464%.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 75.2500, compared with its close of 75.5400 during the previous trading session.
MCX Gold futures for 4 February 2022 settlement added 0.06% to Rs 48,230.
In the commodities market, Brent crude for February 2022 settlement lost 30 cents or 0.40% to $74.99 a barrel.
Buzzing Index:
The Nifty FMCG index rose 1.03% to 36,881.35, extending gains for third consecutive session. The index has advanced 2.21% in three sessions.
Radico Khaitan (up 4.80%), ITC (up 2.55%), Marico (up 1.17%), Britannia Industries (up 1.15%), Colgate-Palmolive India (up 0.98%) and Hindustan Unilever (up 0.61%) advanced.
Global Markets:
Shares in Europe and Asia advanced on Thursday, as traders looked to signs that the omicron coronavirus variant is not as severe as previously feared.
The media reported that the Chinese city of Xi'an ordered its 13 million residents to stay at home as it deals with rising Covid cases.
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.
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