Sensex starts 2022 with a bang, rises 929 points to 59,000 – Times of India

Mumbai: Despite the increasing cases of infection from Mumbai omicron As the Covid-19 virus spreads globally, the stock market had a strong start to 2022, with the Sensex rising 929 points or 1.6% financially and Reliance Industries Contributed the most. Market players said offloading of foreign funds also picked up in the past few days due to the ongoing holiday season in most of the developed markets.
Banking and financial and metals stocks saw gains in the day’s session, while healthcare stocks saw selling pressure despite rising uncertainty due to the spread of the Omicron variant. As a result, BSEThe U.S. financial, banking and metals indices all closed higher by over 2%, while the healthcare index closed marginally lower.

According to Rahul Sharma of Equity99 Advisors, the market expects the positive momentum to continue for some time. “However, investors are advised to set aside some capital to take advantage of any major downside in view of the rising Omicron transition. Considering the current scenario the pharma sector can be a great bet,” he said.
The day’s session made investors rich around Rs 2.5 lakh crore with the market capitalization of BSE now Rs 272.5 lakh crore.
Market players said that in the short term, some bullish momentum is expected in the stock market, mainly backed by local investors, both institutional and individual, but a definite trend will emerge from the third week of the month. This is because most foreign fund managers will resume after their new year break. This will be the time when major Indian companies will start announcing their quarterly results.
TCS has taken a shocking step. Infosys and WiproOne of India’s three largest software exporters will announce its quarterly results on the same day on January 12. HCL Technology, another leading software exporter, will announce its results on January 14. Results season will begin with third quarter results from Avenue Supermarts (d-mart) revealed BSE data on January 8.
Dealers said that as it happens during the announcement of quarterly results, to some extent, this time also the financial data of major companies will affect investor sentiment on D Street.
The recent reversal in selling by foreign portfolio investors also helped the Indian currency. On Monday, the rupee had closed at 74.26 on the dollar level from a several-month low of 76 in early December.
In the bond market too, the benchmark yield on the 10-year gilt is hovering around the level of 6.45%, despite the RBI’s recent decision to scrap some of its lending schemes through government securities. The yield closed at 6.46% on Monday.