MARKETS: Sensex off high, up 300 pts; Nifty holds 17,300; FMCG, pharma slip
The S&P BSE Sensex rose 482.5 points, or 0.83 per cent, to quote at 58,270.5 levels in early trade. The NSE Nifty, too, climbed 142 points to trade at 17,362.
The broader indices on the BSE rose in tandem as well and added up to 0.88 per cent.
The Federal Open Market Committee (FOMC) laid out a scenario in which the Covid-19 pandemic, despite the emergence of the Omicron variant, gives way to a benign set of economic conditions, with inflation easing largely on its own, interest rates increasing comparatively slowly, and the unemployment rate staying low in coming years.
Snapping its 3-day losing streak, Bajaj Finance bounced back over 2 per cent and was the top gainer on the BSE Sensex. Infosys, Bajaj Finserv, HCL Tech, SBI, Tech M, and IndusInd Bank were the top gainers.
On the downside, Sun Pharma, Asian Paints, and HUL were the only losers.
Among sectors, the Nifty IT and Realty indices soared over 1 per cent each while all others gained up to 1 per cent.
LIVE market updates:
The BSE Sensex advanced over 400 points in pre-market session and was at 58,218. The NSE Nifty, on the other hand, was up 112 points at 17,333.
LIVE market updates: Bulls may return to Dalal Street on Thursday as US Federal Reserve Chairman announced policy statements on expected lines last evening. At 8:20 AM, SGX Nifty was at 17,363 compared with the Nifty’s spot close of 17,211 on Wednesday.
Given this, the key indices in the US ended with solid gains. The tech-laced Nasdaq zoomed 2.2 per cent. The S&P 500 index surged 1.6 per cent, and the Dow Jones jumped 1.1 per cent.
In Asia, Nikkei was up 1.4 per cent, while Taiwan and Kospi rose 0.5 per cent and 0.3 per cent, respectively. Shanghai and Straits Times added 0.1 per cent each. Hang Seng, however, had slipped a per cent.
That said, fears of more fund withdrawal by foreign investors (FIIs) and the weekly derivatives expiry may keep the indices volatile today.
Primary Market Update
Supriya Lifescience IPO will open for subscription today and will close on December 20. The company plans to raise up to Rs 700 crore by way of fresh issue of shares worth Rs 200 crore and offer for sale worth Rs 500 crore. Investors can bid for the IPO in the price band of Rs 265 – Rs 274, in lots of 54 shares.
HP Adhesives IPO was subscribed 3.48 times at the end of Day 1 of the offer period, with strong demand from retail investors (18.57 times bids). Further, today is the last day to bid for the Data Patterns (India) IPO.
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