Fading ‘Omicron’ concerns lift equity indices; auto stocks rise

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The Indian equity indices — S&P BSE Sensex and NSE Nifty50 — rose marginally higher on Thursday as investors’ concerns over the new Covid-19 variant faded.

However, the day’s trade was marred by volatility as the key indices opened lower due to profit booking. Nevertheless, they rose later on.

Sector-wise, auto, FMCG, metal, media stocks among others rose. During the session, ITC, L&T, Asian Paints, UPL, and Britannia stocks were some of the top gainers. Shares of these listed companies closed higher by 4.9 per cent, 3.01 per cent, 2.2 per cent, 1.9 per cent, and 1.5 per cent on Thursday, respectively.

Consequently, the S&P BSE Sensex closed at 58,807.13 points, up 0.27 per cent from its previous close.

The broader 50-scrip Nifty at the National Stock Exchange (NSE) ended the day’s trade at 17,516 points, up 0.27 per cent.

“Domestic indices surrendered to profit booking in the early session but later gained ground owing to positive global sentiments. Investors are keenly awaiting the US inflation data in order to gauge the Fed’s decision on rolling back economic stimulus,” said Vinod Nair, Head of Research at Geojit Financial Services.

“Easing fears over the Omicron variant continue to temper optimism in the markets. ”

According to Mohit Nigam, Head – PMS at Hem Securities: “The RBI monetary policy on Wednesday continues to push for growth while keeping an eye on price stability and with this important announcement, Indian markets may look to global markets in the near term for the next movement.”

“Global markets seem to be on an upswing, as Covid fears dissipate.”

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