Sensex, Nifty Log Biggest Single Day Gain In Over Two Months
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India's stock benchmarks posted the biggest single day gains since September 23, 2021, aided by gains in banking, metal, realty and auto stocks, as concerns over the severity of omicron strain receded.
The S&P BSE Sensex rose 1.56% to 57,633.65. The 30-stock gauge rose over 1,150 points in intraday trade to hit an intraday high of 57,905.63. This is the most the Sensex has risen in nearly 10 weeks.
The NSE Nifty also rose by similar magnitude to close at 17,176.70.
ICICI Bank Ltd. contributed the most to the index gain, increasing 3.5%. Hindalco Industries Ltd. had the largest increase, rising 5.0%. Today, 45 of 50 shares rose, while 5 fell.
The broader indices almost mirrored their larger peers with the S&P BSE MidCap gaining 1.3% and S&P BSE SmallCap adding 1.15%. All the 19 sectoral indices compiled by BSE Ltd. advanced with S&P BSE Metal rising over 3% and S&P BSE Realty, Bankex, Finance and Basi Materials gaining over 2%.
The market breadth was skewed in the favour of bulls. About 2,337 stocks advanced, 943 declined and 114 remained unchanged.
"The rally was backed by a sharp upsurge in banking and metal stocks, which had taken a severe hammering in recent sessions. Post reversal formation, the Nifty has formed a promising bullish candle. On intraday charts, the index has also formed a higher bottom formation which indicates a short-term uptrend", Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd. wrote in the note and added that the uptrend wave could continue in the near future but due to overstretched intraday momentum, the market may consolidate within the range of 17,075-17,280 price.
Goldman Sachs Identifies New Energy As The Third Structural Growth Driver For Reliance
Goldman Sachs raised the target price of Reliance Industries Ltd. to Rs 3,185 apiece, an implied return of 33.21% even as it reiterated the 'buy' recommendation on the stock.
Goldman Sachs identified the company's investment in new energy segment as possibly the third structural growth driver along retail and telecom media technologies business.
60 Firms Selected Under PLI Scheme For Food Processing
Government: No Plan To Increase The Period Of LTCG From 1-Year To 2-Years From Mutual Funds, Equities
Govt. says no plan to increase the period of LTCG from 1-year to 2-years for MFs and equities.
It also has no plans to abolish LTCG tax.
Govt. discloses revenue from Long-term Capital Gains from securities
Assessment year 2018-19 (FY18): Rs 1222.24 crore
Assessment year 2019-20 (FY19): Rs 3460.34 crore
Assessment year 2020-21 (FY20): Rs 5311.87 crore
Madras High Court Orders Winding Up Of SpiceJet; Grants Three Week Stay For Appeal
The Madras High Court has ordered for winding up of SpiceJet Limited on grounds that it failed to clear its debt owed to Credit Suisse AG.
The order by the single judge bench of Justice R Subramanian directed the official liquidator to takeover the assets of the company for liquidation but granted a three week stay at the request of the company to file an appeal against the order.
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