Sensex Rises 673 Points, Nifty Reclaims 17,800; NTPC, ONGC Among Top Gainers

Midcap and smallcap shares surged as Nifty Midcap 100 index climbed 0.27 per cent and Nifty Smallcap 100 index surged 0.32 per cent

New Delhi: The key Indian equity benchmarks, Sensex and Nifty, ended in green, thanks to gains across all sectors, though caution prevailed amid rising cases of the Omicron variant of Covid-19.

The BSE Sensex stood 673 points higher at 59,855 while the NSE Nifty closed at 17,805, up around 180 points. This is Nifty’s highest level since November 22.

Mid-cap and small-cap shares surged as Nifty Midcap 100 index climbed 0.27 per cent and Nifty Smallcap 100 index surged 0.32 per cent.

NTPC (up over 5 per cent) was the top Nifty gainer, followed by ONGC, PowerGrid, SBI, Titan Company, and Reliance.

On the flipside, Tata Motors (down 1.7 per cent), Coal India, Sun Pharma, Shree Cement, and Tata Consumer Products were the losers.

Out of 15, 11 sectors, compiled by the National Stock Exchange, settled in green. Nifty Bank, Nifty PSU Bank, Nifty Financial Services, and Nifty Auto zoomed over 1.24 per cent.

Equity investors are also happy as their wealth jumped by Rs 4.76 lakh crore in the first two days of trading in the New Year, driven by optimism in the broader market.

Helped by the ongoing rally, the market capitalisation of BSE-listed companies jumped by Rs 4,76,367.89 crore to reach Rs 2,70,76,579.44 crore in just two trading sessions.

The surge in global markets fuelled the rally in domestic equities on Tuesday.

In early trade on Tuesday, NTPC was the lead gainer among the pack of 30-share frontline companies, followed by PowerGrid, SBI, and Axis Bank.

In the broader market, the midcap and smallcap indices jumped up to 0.42 per cent in early trade.

“US markets setting record highs on the first trading day of 2022 is auspicious for global stock markets. The spectacular rally in Nifty and FIIs turning buyers with net purchases worth Rs 703 crore are bullish signals. If the FII buying yesterday is an indication of their renewed interest in India, financials particularly the leading banks, are likely to continue the momentum witnessed yesterday,” V K Vijayakumar, chief investment strategist, Geojit Financial Services, told PTI.

In 2021, equity investors reaped handsome rewards as their wealth grew nearly by Rs 78 lakh crore.

However, the third wave of the pandemic is an area of concern even though the market's view is that it is unlikely to impact economic activity, Vijayakumar opined.

He further said the big headwind for markets globally is the rising inflation which may be further aggravated by the dislocations caused by the Omicron variant.

Meanwhile, international oil benchmark Brent crude rose 0.27 per cent to $79.19 per barrel.

Foreign institutional investors (FIIs) were net buyers in the capital market on Monday, with purchase of shares worth Rs 575.39 crore, exchange data showed.