Domestic stocks open with gains, tracking strong US and European markets

Mumbai December 27 dmanewsdesk: The domestic markets opened with gains on Tuesday morning as investors pick up cues from strong key indices of American and European equities. Other markets in Asia were trading mixed on Tuesday morning.

S&P BSE Sensex went up 317.49 points to 60,883.91 while NSE’s broad-based Nifty 50 surged 106.50 points to 18,121.50 on Tuesday morning. Some of the most active stocks were Dalmia Sugars, Indian Overseas Bank, Union Bank of India, Suzlon Energy on BSE while Morepen, J and K Bank, Ajanta Pharma and Astro Micro were the laggards during the morning.

Some of the gainers on Nifty 50 were Tata Motors, Hindalco, ONGC, JSW Steel and Tata Steel while Sun Pharma, Cipla and Dr Reddy were some of the laggards during the morning trade.

The Indian rupee opened marginally lower at 82.70 against the dollar on Tuesday against previous close of 82.65.

In Asian markets, Japan’s Nikkei went up 137 points, Hong Kong’s Hang Seng declined 86 points while China’s Shanghai was up 17 points on Tuesday morning.

In European markets, FTSE rose over 3 points, CAC was trading in the green while Deutsche Borse went up 26 points.

In American markets, Dow Jones was up 176 points, Nasdaq surged 21 points while S&P went up 22 points while the Asian markets opened on Tuesday morning.

The barometer index, the S&P BSE Sensex on Monday advanced 721.13 points or 1.20 per cent to 60,566.42. The Nifty 50 index added 207.80 points or 1.17 per cent to 18,014.60. PSU bank, media and realty stocks were in demand while health care and pharma stocks declined.

Union Finance Minister Nirmala Sitharaman was admitted to the All India Institute of Medical Sciences (AIIMS), Delhi, on Monday.

In the foreign exchange market, the rupee on Monday edged higher against the dollar. The partially convertible rupee was hovering at 82.6550, compared with its close of 82.8250 during the previous trading session.

Markets in Europe and Asia stocks traded mixed on Monday as investors watched the COVID situation in China. Markets in Australia, New Zealand and Hong Kong remain closed for holidays.

According to reports on Monday, China will no longer publish daily figures for COVID-19 cases and deaths, the National Health Commission (NHC) said on Sunday, ending a practice that began in early 2020.

Shares of New Delhi Television (NDTV) gained 1.44 per cent on Monday. Radhika and Prannoy Roy will sell a 27.26 per cent stake in NDTV to an entity owned by Adani, giving his conglomerate control over 64.71 per cent stake of NDTV, regulatory filings by NDTV showed.

Tata Motors rose 1.73 per cent. The company announced that Delhi Transport Corporation (DTC) has signed a definitive agreement with its fully owned subsidiary, TML CV Mobility Solutions for the operation of 1,500 electric buses in the city of New Delhi.

Larsen and Toubro (L-T) added 1.25 per cent on Monday. L and T Construction secured significant contracts for its water and effluent treatment business on Monday. Godrej Properties’ shares added 2.99 per cent on Monday. The real estate developer announced that it has acquired 62 acres of land in Kurukshetra, Haryana.

Punjab National Bank (PNB) on Monday rallied 7.75 per cent. The public sector lender said it raised Rs 582 crore by issuing bonds.

Source: The Print