Sensex jumps 885 points, shrewd at 17,170; Hindalco, Tata Steel in brief | Today Headlines

Sensex jumps 885 points, shrewd at 17,170; Hindalco, Tata Steel in brief

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Frontline indices gained 1-2% on Tuesday, rebounding from yesterday’s drop as financials and metals pulled benchmarks into the green. Stocks rallied ahead of the Reserve Bank of India’s monetary policy decision.

Among the sector indices, Nifty Metal closed the day up 3%. Financial services were a big contributor to the recovery, with Nifty Bank up 2.5% and Nifty Financial Services up over 2.2%. Nifty PSU Banks also exceeded 2%.

45 of 50 Nifty shares closed in the green. The 5 stocks that could not participate in the rally are Britannia, Cipla, Divi’s Lab, Asian Paints and IOC. The 5 best performing stocks in the Nifty50 index are Hindalco, Tata Steel, Axis Bank, ICICI Bank and Tata Motors.

Unblocking themed actions (Delta Corp, IndiGo, Indian Hotels, PVR) rose sharply. And Vodafone Idea has fallen more than 5% after its exit from the ban on futures and options. Following the decision of the government of Maharashtra to reduce the prices of tests, diagnostic stocks have fallen. Either way, the breadth of the market was in favor of advances, with 7 stocks up and 2 down.

In addition, BSE companies were able to regain the loss of market capitalization yesterday, the market capitalization is above Rs 3 lakh crore today.

Globally, Asian stocks also rallied amid fading concerns about the impact of the Omicron variant, while Chinese markets were supported by the easing of monetary policy from the central bank.

The MSCI’s largest Asia-Pacific stock index outside of Japan rose 1% and was on course for its biggest jump in two months. Overnight, Wall Street indices rose more than 1%.

Oil prices rose more than 2% on Tuesday, with US oil reaching $ 71.42 and Brent crude climbing to $ 74.85. Gold prices remained stable at $ 1,780 per ounce, in line with expectations. US consumer price data due later this week will show inflation accelerating.

(With contributions from Reuters)

(Edited by : Yashi Gupta)

Sensex jumps 885 points, shrewd at 17,170; Hindalco, Tata Steel in brief

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