Banking stocks lead on bourses

Indian equity markets started the first day of trading in the new year with euphoria and key indices gained 1.6% backed by heavy buying in banking and financial pack followed by metal and auto stocks.

The S&P BSE Sensex gained 929.40 points or 1.6% to 59,183.22. The top Sensex gainers included Bajaj Finserv up 3.59%, Bajaj Finance up 3.52%, ICICI Bank up 3.31%, Tata Steel up 2.85% and IndusInd Bank up 2.79%.

Similarly, the NSE Nifty 50 index rose 271.65 points or 1.57% to 17,625.70.

Ajit Mishra, Vice President, Research, Religare Broking Ltd said market participants overlooked rising Omicron cases and muted global cues.

“The participation of the banking pack has changed the market mood of late while other things remain the same. However, the update on the COVID situation combined with the performance of the global markets would play a critical role ahead,” he said.

“Now, the next hurdle is at 17,750 in Nifty. We reiterate our view to focus on the selection of stocks while keeping a check on the leveraged positions,” Mr. Mishra said.

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