Traders on Dalal Street continued to shrug off rapidly rising Covid-19 cases and increasing curbs by buying power and financials stocks and sent benchmark indices soaring for the third straight day on Tuesday. The 30-share pack Senex advanced 672.71 points or 1.14 per cent to close at 59,855.93. Its broader peer NSE Nifty rose 179.55 points or 1.02 per cent to 17,805.25. Thanks to the rally, equity investors grew their wealth by Rs 1.87 lakh crore as the BSE market cap climbed to Rs 271.13 lakh crore. In the past three sessions’ market rally, investors’ wealth ballooned by Rs 7.75 lakh crore.
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Certainly, new variants, rise in covid cases & public restrictions during the holiday season has impacted domestic airline passenger growth in Q3FY22 & will partially disturb in Q4FY22. However, these fleet operators till recently were operating at an average 60% capacity and during Jan-Nov 2021 passenger traffic was up by 30%, telling that the worst is over. Though the normalisation of the traffic to pre-covid might will take some more time we expected improvement in trend in the coming months as public restrictions are lowered and Jabs rate rises.
– Vinod Nair, Head of Research at Geojit Financial Service on aviation stocks
The upward move is expected to continue unless there is any negative news affecting markets. The Omicron tally has been rising at a very fast pace across globe with US reporting more than10 lakh cases on Monday. Covid cases are also on rise in India. Investors are advised to be cautious and should not over invest in short term.
– Rahul Sharma – co-owner at Equity 99 advisors
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Markets are currently following their global counterparts while the domestic factors are showing mixed indications. Besides, the earnings season is also around the corner and it seems that participants are expecting a positive trend. Apart from the banking majors, the rotational buying in the index heavyweights from the other sectors is helping the index higher. Nifty has the next hurdle at the 18,000 mark while 17,600 would act as a cushion in case of any dip. We would advise aligning positions according to the trend.
– Ajit Mishra, VP – Research, Religare Broking
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“Stay bullish — positive catalysts are not exhausted,” strategists led by Mislav Matejka wrote in a note to clients on Tuesday. Downside risks — including a hawkish turn by central banks, a slowdown in China’s economy, or more significant coronavirus restrictions — will…
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