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Markets trade positive; Sensex clocks over 58k, Nifty 50 races toward 17,300; Consumer Durables outperform; Titan, M&M, HDFC, Sun Pharma rally

Consumer Durables outperformed, while substantial gains were added by oil & gas, auto, IT and pharma stocks.

December 02, 2021 9:51 IST | India Infoline News Service
Market at higher point1
Indian markets were on a bull run on Thursday's opening bell with Sensex regaining over 58,000-mark. Meanwhile, Nifty 50 was slightly shy of the 17,300-mark. A broad-based buying was witnessed across sectoral indices after the country's manufacturing activities expanded strongly. Consumer Durables outperformed, while substantial gains were added by oil & gas, auto, IT and pharma stocks.

At around 09.51 AM, Sensex was trading at 58,047.30 up by 362.51 points or 0.63%. The benchmark was near the day's high of 58,077.34.

Nifty 50 performed at 17,276.70 higher by 109.80 points or 0.64%. The benchmark was near the intraday high of 17,289.15.

In terms of sectoral indices, on BSE, the Consumer Durables, Oil & Gas and Healthcare index soared more than 1% each.

Bulls on Sensex were - Power Grid (+3%), M&M and Titan followed with more than 2% gains each. HDFC climbed 1.99%,  Sun Pharma surged 1.6%. Asian Paints and NTPC jumped over 1% each.

Stocks like Bajaj Finance, Tata Steel, ITC, RIL, HUL, Bajaj Finserv, Dr Reddy's Lab, Ultratech Cement and Nestle advanced between 0.5-1%.

Bears on Sensex were - Axis Bank tumbling over 1% followed by ICICI Bank and L&T plunging by 0.8% and 0.6%. SBI and IndusInd Bank also witnessed correction and were trading lower.

The Indian manufacturing sector continued to expand strongly in November, as an accelerated rise in sales supported the fastest upturn in production for nine months.

Increasing from 55.9 in October to 57.6 in November, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers’ Index (PMI) signalled the strongest improvement in the health of the sector for ten months. Moreover, the headline figure was well above its long-run average of 53.6.

Asian markets traded mixed with Japan's Nikkei 225 plunging nearly 100 points and Australian index trading with lacklustre demand. South Korea''s KOSPI outperformed by surging over 1%. Hang Seng index was marginally up, while China's Shanghai Composite index traded flat.

With oil prices seeing a huge fall expect the inflation effect to moderate in Asian importers as demand cools off. Chinese economic data due this week will see more action as most ETF flows have resumed buying in Chinese stocks.

Overnight, on Wall Street, US markets see huge swings as Dow Jones took U-turns with gains of over 500 points to close lower by over 400 points. Nasdaq close lower by 280 points after being up 280 points in intraday trade. US health in charge Dr Fauci announces 1st case of Omicron variant in the US which see stocks take a beating. US bond yields head lower at 1.42% while oil falls to over 4-month lows.

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