Closing Bell: Sensex Up 385 Points For Third Straight Day, Nifty Above 17,050

PowerGrid was the biggest gainer, up over 3 per cent from the Sensex-30 pack. Other index heavyweights ITC and Infosys gained 2.4 per cent and 1.8 per cent, respectively

New Delhi: The key domestic indices on Thursday continued to trade higher for the third straight trading season as investors pinned hoped on a possible year-end rally and global cues, despite Omicron threat.

The benchmark BSE Sensex rose 385 points (0.68 per cent) to close at 57,315; while the broader NSE Nifty moved 117 points (0.69 per cent) up to settle at 17,073.

PowerGrid was the biggest gainer, up over 3 per cent from the Sensex-30 pack. Other index heavyweights ITC and Infosys gained 2.4 per cent and 1.8 per cent, respectively. The IT major hit a fresh life-time high of Rs 1,862 in intraday trades.

Bajaj Finance, Infosys, NTPC, and Tech Mahindra were the other major ganiers.

On the other hand, Bharti Airtel, Sun Pharma, Maruti, and UltraTech Cement were among the laggards.

“Indian markets opened in green following positive Asian market peers as investors reacted to studies about reduced risk of hospitalisation and severe disease with Omicron compared to Delta,” said Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi.

A K Prabhakar, head of research at IDBI Capital, told news agency Reuters, “Omicron was the only fear for markets. Once they know it is not severe, market recovery is likely possible because corporate earnings are going to be very good with crude and commodity prices cooling off. Margin expansion is likely.”

One of the major highlights of the day’s trade was the stellar debut of Medplus Health Services. The stock started trading on the BSE at Rs 1,015, a hefty premium of 27.5 per cent to its issue price of Rs 796, and went to scale a high of Rs 1,143.

During the afternoon session, markets continued their firm trade. Additional support came as rating agency ICRA stated that profitability of sugar, fertiliser and dairy sectors will remain stable in FY22, he noted.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with gains. Stock exchanges in Europe were also trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude slipped 0.08 per cent to $75.22 per barrel.