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Budget News

  • Nifty reclaims 17,000 mark; strong market breadth
  • December 07,2021  09:23
  • The key equity indices are trading with strong gains in early trade on buying demand in index pivotals. The Nifty was trading above the key 17,000 mark. Global cues were positive amid easing concerns about the omicron variant of Covid-19.

    At 09:22 IST, the barometer index, the S&P BSE Sensex, was up 439.51 points or 0.77% to 57,186.65. The Nifty 50 index added 131.30 points or 0.78% to 17,043.55.

    Among the Nifty 50 stocks, Hindalco (up 2.61%), Tata Steel (up 2.45%), JSW Steel (up 2.33%), Kotak Bank (up 2.11%) and Axis Bank (up 1.88%) advanced.

    Dr. Reddy's Laboratories (down 0.97%), Cipla (down 0.67%), Divi's Laboratories (down 0.56%) and Sun Pharma (down 0.02%) declined.

    In the broader market, the S&P BSE Mid-Cap index rose 0.49% while the S&P BSE Small-Cap index added 0.80%.

    The market breadth was strong. On the BSE, 1886 shares rose and 436 shares fell. A total of 68 shares were unchanged.

    The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) is scheduled to meet during 6 to 8 December 2021. MPC's interest rate decision will be disclosed on Wednesday, 8 December 2021. In the previous meeting, MPC kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4%.

    Stocks in Spotlight:

    Tata Motors rose 1.71% to Rs 475.30. The company has announced an impending price hike of its commercial vehicle range. An increase in price in the range of 2.5%, will be implemented from 1st January 2022 and will be put into effect across segments - M&HCV, I&LCV, SCV and Bus, basis individual model and variant of the vehicle.

    Karnataka Bank advanced 1% to Rs 65.35. The bank has signed a memorandum of understanding (MoU) with Toyota Kirloskar Motor in a joint effort to introduce attractive financing options for its customers to purchase Toyota vehicles.

    Indo Count Industries gained 1.52% to Rs 270. The company entered into a business transfer agreement (BTA) with GHCL for acquiring GHCL's Home Textile business at Vapi, Gujarat, on a going concern basis by way of a slump sale and asset transfer agreement (ATA) for acquisition of specified assets of the US subsidiary of GHCL. The cost of acquisition is Rs 576 crore.

    Global markets:

    Asian stocks are trading higher on Tuesday, bouncing back from Monday losses as Wall Street rallied on optimism that the omicron variant risk might not be as bad as feared.

    US stocks rallied on Monday as investors shook off fears around the emerging threat of the Covid omicron variant.

    White House Chief Medical Advisor Dr. Anthony Fauci had reportedly said that the initial data on the omicron variant was “encouraging,” though he cautioned that more information was needed to fully understand it.

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