Sensex jumps 886 points; metal, auto, banking stocks rally
Dec 07, 2021
By Ani
Mumbai (India), December 7 : Indian stock markets bounced bank on Tuesday with benchmark Sensex surging 886 points on broad-based buying support in line with the surge in global equities. The rally in the stock markets made investors richer by Rs.3 lakh crore.
The 30-stock S&P BSE Sensex of the Bombay Stock Exchange closed at 57,633.65 points on Tuesday, 886.51 points or 1.56 per cent higher than its previous day close of 56,747.14 points. Taking cues from the global markets the benchmark Sensex opened at a bullish note at 57,125.98 points and touched a high of 57,905.63 points in the intra-day trade.
The broader Nifty 50 of the National Stock Exchange (NSE) closed 1.56 per cent or 264.45 points higher at 17,176.70 points.
There was broad-based buying support. Twenty-nine out of the 30 firms that are part of the Sensex closed in the positive. Tata Steel surged 3.63 per cent. Axis Bank soared 3.6 per cent to Rs.687.20. ICICI Bank climbed 3.46 per cent to Rs.734.65. Among the stocks that are part of the Sensex, only Asian Paints closed marginally lower at Rs.3031.30.
The Indian equities witnessed strong buying support after two consecutive sessions of the slump. The benchmark Sensex had slipped 1,714 points or 2.9 per cent in the last two sessions.
Bourses across the world have witnessed volatile sessions in the past week due to the rising concern over the impact of Omicron, a new strain of Coronavirus, on the economy.
The Reserve Bank of India (RBI) action on policy rates is likely to have a significant impact on the Indian equities markets on Wednesday. The RBI's Monetary Policy Committee is scheduled to meet on December 8 to decide on key policy rates that impact liquidity in the market.
