The Indian equity benchmarks edged higher on Tuesday, December 28, tracking upbeat global cues in the absence of domestic triggers. The Sensex rallied 477.24 points or 0.83 per cent higher at 57,897.48, while the Nifty 50 index surged 147 points or 0.86 to settle at 17233.25. Asian Paints, Sun Pharma, UltraTech Cement, Mahindra & Mahindra (M&M) were among the top gainers. On the other hand, IndusInd Bank, Power Grid Corporation of India were the top drags.
Almost all sectoral indices ended in the positive territory. Bank Nifty was up 0.36 per cent, andNifty Auto index jumped 1.34 per cent. Mid- and small-cap shares traded on a positive note as Nifty Midcap 100 index was up 1.18 per cent and Nifty Smallcap 100 index rose 1.55 per cent.
Supriya Lifescience shares made a strong debut today amid positive market sentiment. Shares of the active pharmaceuticals ingredients (API) manufacturer opened on the BSE at ₹ 425 apiece – a premium of 55.1 per cent or Rs 151 higher than the issue price of Rs 274.
Meanwhile, India’s benchmark 10-year bond yield rose to its highest level since April last year as investors grew cautious of the heavy government debt pipeline, rise in global oil prices, and lack of direct support from the central bank.
Traders said the absence of a new 10-year bond as part of the papers on sale at the upcoming debt auction on Friday also weighed on sentiment as the outstanding stock on the existing benchmark is already at ₹ 1.48 trillion.
Globally, oil prices extended gains on Tuesday with prices trading near the previous day’s one-month high on hopes that the Omicron coronavirus variant will have a limited impact on fuel demand. Oil prices have risen around 50 per cent this year, supported by recovering demand and supply cuts by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+.