MUMBAI: Benchmark indices started the week positive on Monday after gains in RIL, bank and IT stocks, even as investors remained troubled over the Omicron version of the coronavirus.
Governments around the world rushed to impose new travel restrictions as the new version of cases emerged in several countries.
NS World Health Organization (WHO) designated Omicron as a ‘type of concern’, the health body’s top category for concern over coronavirus variants, although South African health officials said symptoms of the new strain were mild so far.
So far, no case of the Omron variant has been reported in India.
Stable after Friday’s brutal sell-off, 30-share BSE Sensex It closed at 57,260.58, up 153.43 points or 0.27 per cent. The index had lost 500 points, or over 1 per cent, in early trade in line with weak global cues.
Similarly, the broader NSE Nifty rose 27.50 points or 0.16 per cent to 17,053.95.
Kotak Bank was the top gainer among Sensex stocks, rising 2.92 per cent after LIC got RBI’s nod to increase its stake in the private sector lender to around 10 per cent.
Market heavyweight Reliance Industries jumped 1.26 per cent a day after its telecom arm live Announced hike in prepaid tariff from next month.
Gains in HCL Tech, TCS, Titan, Bajaj Finance, Bajaj Finserv and Tech Mahindra Sensex also helped to close in the green mark.
On the other end, Sun Pharma, NTPC, Axis Bank, Nestle, Bajaj Auto, SBI and Dr Reddy’s were among the major drags, falling up to 2.03 per cent.
“Domestic indices trimmed their early losses to trade marginally higher, supported by IT and healthcare stocks, amid concerns over the emergence of new COVID-19. Global markets traded mixed as investors kept buying on dips and opting for Omicron. was torn between uncertainties over the impact on the economic recovery.
Vinod said, “However, the global market has further eased the uncertainty in the near future. On the domestic front, the telecom sector was in focus as all the sector majors reported rate hikes, which was due to the lower tariff regime. It was a sign of the end.” Nair, Head of Research, Geojit Financial Services.
Ajit Mishra, VP – Research, Religare Broking, said volatility is expected in the markets amid the current uncertainty around the new COVID version.
“Moreover, on the domestic front, gross economic data such as GDP numbers, core sector data and auto sales figures will further add to volatility. We reiterate our cautious stance and suggest prioritizing hedge positions, ” They said.
Sectorally, the BSE Tech, IT, Consumer Durables and Telecom indices rose up to 0.67 per cent, while utilities, realty, power, oil and gas and industrials declined by 2.61 per cent.
In the broader markets, BSE midcap and smallcap shares fell up to 1.90 per cent.
Asian stock markets fell further after governments imposed travel controls due to the spread of the new coronavirus strain.
The Nikkei 225 in Tokyo fell 1.7 percent after Japan announced a ban on the entry of foreigners from Tuesday. The Shanghai Composite Index lost 0.4 per cent and Hong Kong’s Hang Seng lost 1.2 per cent. Seoul’s Kospi fell 0.9 per cent and Sydney’s S&P-ASX 200 0.5 per cent.
European shares were trading in positive territory in the afternoon session.
Meanwhile, Brent crude jumped $2.82 to $74.41 a barrel in London.
The rupee lost 23 paise to close at 75.12 against the US dollar.
Foreign institutional investors remained net sellers in the capital markets on Friday as they offloaded shares worth Rs 5,785.83 crore, according to exchange data.
Governments around the world rushed to impose new travel restrictions as the new version of cases emerged in several countries.
NS World Health Organization (WHO) designated Omicron as a ‘type of concern’, the health body’s top category for concern over coronavirus variants, although South African health officials said symptoms of the new strain were mild so far.
So far, no case of the Omron variant has been reported in India.
Stable after Friday’s brutal sell-off, 30-share BSE Sensex It closed at 57,260.58, up 153.43 points or 0.27 per cent. The index had lost 500 points, or over 1 per cent, in early trade in line with weak global cues.
Similarly, the broader NSE Nifty rose 27.50 points or 0.16 per cent to 17,053.95.
Kotak Bank was the top gainer among Sensex stocks, rising 2.92 per cent after LIC got RBI’s nod to increase its stake in the private sector lender to around 10 per cent.
Market heavyweight Reliance Industries jumped 1.26 per cent a day after its telecom arm live Announced hike in prepaid tariff from next month.
Gains in HCL Tech, TCS, Titan, Bajaj Finance, Bajaj Finserv and Tech Mahindra Sensex also helped to close in the green mark.
On the other end, Sun Pharma, NTPC, Axis Bank, Nestle, Bajaj Auto, SBI and Dr Reddy’s were among the major drags, falling up to 2.03 per cent.
“Domestic indices trimmed their early losses to trade marginally higher, supported by IT and healthcare stocks, amid concerns over the emergence of new COVID-19. Global markets traded mixed as investors kept buying on dips and opting for Omicron. was torn between uncertainties over the impact on the economic recovery.
Vinod said, “However, the global market has further eased the uncertainty in the near future. On the domestic front, the telecom sector was in focus as all the sector majors reported rate hikes, which was due to the lower tariff regime. It was a sign of the end.” Nair, Head of Research, Geojit Financial Services.
Ajit Mishra, VP – Research, Religare Broking, said volatility is expected in the markets amid the current uncertainty around the new COVID version.
“Moreover, on the domestic front, gross economic data such as GDP numbers, core sector data and auto sales figures will further add to volatility. We reiterate our cautious stance and suggest prioritizing hedge positions, ” They said.
Sectorally, the BSE Tech, IT, Consumer Durables and Telecom indices rose up to 0.67 per cent, while utilities, realty, power, oil and gas and industrials declined by 2.61 per cent.
In the broader markets, BSE midcap and smallcap shares fell up to 1.90 per cent.
Asian stock markets fell further after governments imposed travel controls due to the spread of the new coronavirus strain.
The Nikkei 225 in Tokyo fell 1.7 percent after Japan announced a ban on the entry of foreigners from Tuesday. The Shanghai Composite Index lost 0.4 per cent and Hong Kong’s Hang Seng lost 1.2 per cent. Seoul’s Kospi fell 0.9 per cent and Sydney’s S&P-ASX 200 0.5 per cent.
European shares were trading in positive territory in the afternoon session.
Meanwhile, Brent crude jumped $2.82 to $74.41 a barrel in London.
The rupee lost 23 paise to close at 75.12 against the US dollar.
Foreign institutional investors remained net sellers in the capital markets on Friday as they offloaded shares worth Rs 5,785.83 crore, according to exchange data.
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