Sensex Jumps 550 Points, Nifty Above 17,000; Metal & Banking Stocks Rally

Asian stock markets are higher today as investors took heart from strong rebounds on Wall Street in hopes that the newest coronavirus variant will prove less virulent than earlier strains.

The Hang Seng is up 1.4% while the Nikkei rallied 1.8%. The Shanghai Composite advanced 0.2%.

In US stock markets, Wall Street indices closed higher on Monday with economically sensitive sectors and travel-related stocks advancing solidly as investors were encouraged by some optimistic comments from a top US official on the latest Covid-19 variant.

The Dow Jones surged 1.9% while the Nasdaq Composite jumped 0.9%.

Back home, Indian share markets have opened on a strong note, following the trend on SGX Nifty.

After two days rout, benchmark indices nursed wounds today and opened higher tracking positive global cues.

The BSE Sensex is trading up by 569 points. Meanwhile, the NSE Nifty is trading higher by 161 points.

Kotak Mahindra Bank and Axis Bank are among the top gainers today.

Dr. Reddy's Lab, on the other hand, is among the top losers today.

The BSE Mid Cap index and the BSE Small Cap index are trading higher by 0.5% and 0.7%, respectively.

Barring healthcare stocks, all sectoral indices are trading in green with stocks in the metal sector and banking sector witnessing most of the buying.

Shares of Tanla Platforms and La Opala RG hit their 52-week highs today.

The rupee is trading at 75.34 against the US$.

Gold prices are trading down by 0.2% at Rs 47,840 per 10 grams.

Meanwhile, silver prices are trading at Rs 61,195 per kg.

Crude oil prices edged up after a near 5% rebound the day before as concerns about the impact of the Omicron variant on global fuel demand eased while Iran nuclear talks hit roadblocks, delaying the return of Iranian crude supplies.

In news from the banking sector, Kotak Mahindra Bank is among the top buzzing stocks today.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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