Sensex Rises 1k (roundup) Because Of The Accommodative Stance And Fading Omicron Concerns.

Sensex rises 1K (Roundup) because of the accommodative stance and fading Omicron concerns.

Mumbai, Dec 8, 2008 : India’s main equity indices — S&P BSE Sensex & NSE Nifty50 — saw the Reserve Bank’s commitment to support ongoing economic recovery and reduce investors’ anxiety over Omicron variant lift for the second consecutive session Wednesday.
The MPC of the RBI voted to keep its key lending rates and the growth-oriented accommodating stance during the penultimate review of monetary policy for FY22.

 Sensex Rises 1k (roundup) Because Of The Accommodative Stance And Fading Omicron-TeluguStop.com

Nifty opened with a gap and then rose steadily throughout the day, with very few corrections.After a Wall Street rally that was broad-based, Asian markets advanced globally.

A rebound in market sentiment continued in early European trades with global shares setting for their largest two-day jump in two days since November last year, as investors became less worried about the Omicron variant.

The domestic front saw the greatest growth in realty, metals and auto, as well as telecom, IT, and banking indices.

The S&P BSE Sensex closed the day at 58.649.68 points.This is an increase of 1,016.03 points or 1.76 percent from its previous close.The wider 50-scrip Nifty at National Stock Exchange (NSE), ended the day in green, up 293.05 point or 1.71 percent to 17,469.75.

“Nifty has risen sharply in the past two days.Deepak Jasani, Head, Retail Research, HDFC Securities, stated that the next resistance is at 17,564, while support could be found at 17,252.

“Sharply positive advance-declination ratio suggests more upside in the short term.”

Siddhartha Khhemka, Head of Retail Research, Motilal Oswal Financial Services said that the Indian equity market saw strong positive momentum for the second straight day due to positive global cues as well as the status quo maintained in the RBI policy committee.

“Both Nifty as well as Bank Nifty are recovering from the recent correction.The market is showing strength and strong buying interest.

For the next few days, traders should be able to buy on dips.

Vinod Nair is Head of Research at Geojit Financial Services.

He stated that Omicron fears have diminished as recent reports suggest that the virus isn’t as deadly as originally thought.This has allowed the market to enjoy recent strong gains.

“The market reacted positively to RBI’s accommodative stance, and MPC maintained the rates unchanged.The GDP forecast for FY22 was high at 9.5%, which shows confidence in economic recovery.The inflation forecast is lower than market estimates.

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