The overall market breadth stood positive as 2,689 shares advanced while 875 declined on BSE.New Delhi: The Indian equity benchmarks finished higher on the first trading day of 2022 led by gains in banking and auto stocks.
The 30-share BSE Sensex on Monday surged 929 points or 1.60 per cent to close at 59,183, while the broader NSE Nifty settled 272 points or 1.57 per cent higher at 17,626.
The BSE index surged more than 1,000 points to hit an intraday high of 59,266 from its previous close.Mid- and small-cap shares jumped as Nifty Midcap 100 index climbed 1.33 per cent and Nifty Smallcap 100 index surged 1.15 per cent.13 out of 15 sector gauges -- compiled by the National Stock Exchange -- settled in green.
Nifty Banking, Nifty Financial Services and Nifty Auto jumped as much as 2.65 per cent."We expect the positive momentum to continue in the market.
However, investors should keep some capital aside to take advantage of any major dips considering the rising Omicron tally.
The pharma sector could be a great bet looking at the current scenario.
Traders must trade with strict stop loss as negative news can hurt the market sentiments," Rahul Sharma, Co-owner Equity 99, told TheIndianSubcontinent."Dalal Street bulls' kicked-off new calendar year 2022 on an optimistic and cheerful note as benchmark indices maintained a firm trend all throughout the day and most importantly, ended on a high note," Prashanth Tapse, Vice President (Research), Mehta Equities Ltd said."Nifty's next goal post is seen at the 17,777-mark.
Technically, the said optimism could reverse and cause a nasty New Year's hangover only if Nifty slips below the 17,211-mark," he added.On the stock-specific front, Coal India stood as the top Nifty gainer as the stock soared 6.37 per cent to Rs 155.35.
The state-run miner reported a 3.3 per cent growth in December production.Shares of Eichers Motors, Bajaj Finance, Tata Steel and ICICI Bank also witnessed gains.Also, Zomato jumped 2.73 per cent after the food delivery platform said it received more than 2 million orders for the first time on Friday.On the flipside, Cipla, Dr Reddy's , Mahindra - Mahindra, Divi's Lab and Tech Mahindra fell as much as 1.31 per cent.Bajaj Finance, Bajaj Finserv, Tata Steel, ICICI Bank, IndusInd Bank and Axis Bank attracted the most gains on the BSE index with their shares rising as much as 3.50 per cent.The overall market breadth stood positive as 2,689 shares advanced while 875 declined on BSE.