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Markets rise as RBI policy outcome nears and positive cues; Sensex over 57,300, Nifty 50 above 17,075; Bank outperforms; Kotak, Axis Bank led the rally

Banking, metal and auto stocks were major movers of markets towards the upside. Except for pharma, all other sectoral indices were trading higher.

December 07, 2021 9:50 IST | India Infoline News Service
Market at higher point1
Indian markets traded higher in Tuesday's opening bell as the RBI monetary policy outcome nears. Also, positive global cues further lifted the mood with fears of new Omicron virus variant subsiding. Back at home, banking, metal and auto stocks were major movers of markets towards the upside. Except for pharma, all other sectoral indices were trading higher. IT stocks were flat but held in the green tone.

At around 09.50 am, Sensex was trading at 57,312.23 higher by 565.09 points or 1%. The index has touched an intraday high of 57,319.97.

Nifty 50 performed at 17,075.30 up by 163.05 points or 0.96%. The index has clocked an intraday high of 17,083.15.

The monetary policy committee meeting will continue for the second day today and the final statement will be announced tomorrow. The new wave of Omicron globally is expected to play a major role in the December 2021 monetary policy. Streets expect RBI to keep the policy repo rate unchanged yet again along with an accommodative stance.

In terms of sectoral indices, on BSE, the Bankex index soared nearly 700 points. The Metal and Auto index climbed nearly 395 points and 225 points. The Oil & Gas index jumped nearly 210 points.

Bulls on Sensex were - Kotak Bank surging nearly 3% followed by Axis Bank and Tata Steel advancing more than 2% each. IndusInd Bank zoomed 1.5%.

Stocks like SBI, HDFC, Maruti Suzuki, Power Grid, ICICI Bank and Bajaj Finserv surged more than 1% each.

Heavyweight Reliance Industries, Hindustan Unilever, HDFC Bank, Titan, Infosys, Bajaj Auto, M&M, Nestle, Bajaj Finance, Ultratech Cement, ITC and TCS advanced between 0.5-1%.

Dr Reddy's Lab was the only bear on Sensex nosediving by over 1%.

Asian markets traded broadly in the green led by the Japanese 'Nikkei' climbing over 515 points in as metals, banks and industrials lead the rally. Chinese Central Bank cut the repo rate by 50 bps points late on Monday which should bode well for the revival of consumption and metal stocks to rally as demand rises. IT stocks will see profit booking on higher valuations & stretched prices.

Overnight, on Wall Street, US markets see the superb rally as 'Omicron' fears recede with banks and industrials leading the rally as Dow Jones gains over 640 points. Russell 2000 index also gained over 2% as midcaps see huge pent up buying. IT stocks see profit booking even as bond yields remain lower at 1.40%.

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