Opening Bell: Nifty above 17,400, Sensex zooms past 58,600 on first trading day of 2022; IT shares continue to shine

The Indian markets started first trading day of 2022 on a high note on Monday. Domestic equity benchmarks Nifty50 and the S&P BSE Sensex opened at  17,387.15  and 58,310.09  respectively after closing the year 2021 with the gains of over 23 per cent cumulatively.  Minutes after opening Nifty and the Sensex surged past 17, 400 and 58,600 respetively.  

Eicher Motors, Tata Motors, TCS, Asian Paints, Wipro, HCL Tech, Infosys, ICICI Bank, Coal India, Shree Cement were the stocks that gained the most. Mahindra & Mahindra, Hindalco, ONGC, Sun Pharma, BPCL, IndusInd Bank, Ultratech Cement were the laggards on the first trading day of the year.  

See Zee Business Live TV Streaming Below:

After market kicked off to a good start on first trading session of 2022, Gaurav Garg, Head of Research, Capitalvia Global Research Ltd said market participants will be cautious as the Reserve Bank said India’s current account slipped into a deficit of 49.6 billion in the third quarter. "There may be some buzz in NBFCs stocks as Crisil rating agency report showed continued momentum in their growth. Some respite may come in the market as Foreign Institutional Investors (FIIs) net bought shares worth Rs. 575.39 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs. 1,165.62 crore in the Indian equity market on December month," he said 

Garg said the research suggests that 17200-17300 may act as important levels in the market to stay positive. "If the market sustained the level of 17200-17300, we can expect it to trade till the range of 17500-17600. Technical indicators also support positivity in the market," he added. 

In the pre-open at t 9.10 am, the Sensex started flat at 58,265.13 with 11 points gains as 20 shares advanced and 10 declined. 

Earlier, trends at SGX Nifty suggested for negative to flat opening as the futures index was trading lower by 23 points or 0.13% to 17,416.50 at 9.10 am on Monday.   

Majority of the Asian indices remained closed for trading on Monday. Nikke225, which last traded on December 30, was closed for trading on Monday. Besides Shanghai Composite too last traded on December 31. Hang Seng Index at the Hong Kong Exchanges was up 72 points in the Monday morning trade. 

On the Wall Street, Dow Jones closed 59.78 points, S&P500 slid 12.55 points, Nasdaq Composite slipped 96.59 points and Russell 2000 was down 3.48 points on Friday.