Sensex zooms in 673 points, Nifty above 17,800 | Market news

Mumbai: BSE Sensex jumped 673 points and Nifty crossed the 17,800 threshold on Tuesday due to hectic buys across all sectors.

Continuing its winning streak for the third session in a row, the 30-stock BSE benchmark opened with big gains and saw further consolidation as trade progressed. It finally closed at 59,855.93, registering a gain of 672.71 points or 1.14%.

Likewise, the NSE Nifty rose 179.55 points or 1.02% to end at 17,805.25.

On the Sensex chart, the main winners were NTPC, PowerGrid, SBI, Titan, Reliance, Bajaj Finance and Axis Bank, with an increase of 5.48%.

In contrast, Sun Pharma, Ultratech Cement, IndusInd Bank and Dr Reddy’s closed in the red.

“US markets that hit record highs on the first trading day of 2022 bode well for global equity markets,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.

While Monday’s IFI purchases are any indication of their renewed interest in India, financials, especially major banks, are likely to continue the momentum of the previous session, he added.

However, the third wave of the pandemic is a matter of concern even though the market believes it is unlikely to have an impact on economic activity, Vijayakumar said.

Elsewhere in Asia on Tuesday, stock markets closed mixed, as concerns over the Omicron variant tempered optimism sparked by a rally on Wall Street.

Meanwhile, international benchmark Brent crude oil rose 0.27% to $ 79.19 a barrel.

Foreign institutional investors (FIIs) were net buyers in the capital market on Monday, buying shares worth Rs 575.39 crore, according to stock exchange data.

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