Stock Market Update: Nifty above 17,700, Sensex gains nearly 500 points; power & oil stocks shine

The domestic equity market has been maintaining the bullish momentum from the last trading day of 2021 into 2022. Benchmarks Nifty50 and the S&P BSE Sensex surged for the third straight session as the former reclaimed 17,700 and latter zoomed past 59,600. In the afternoon trade, the broader Nifty gained 113.60 (0.64%) to trade at 17,739.30, while the Sensex added nearly 450 points to trade at 59,625.11 around 12.45 pm.  

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All broader market indices also extended gains on Tuesday as they traded in the green, while Nifty Bank also gained nearly 1 per cent to trade at 36,720.20 around the same time.  

Power &oil stocks led the surge on Tuesday as NTPC, ONGC, Powergrid were among the top gainers. Hindustan Unilever, State Bank of India, Bharti Airtel, Maruti and TCS were other gainers.  

Ultratech Cement, Infosys, Sun Pharma, Dr Reddy's, Tata Motors, IndusInd Bank, Tata Consumers and Coal India were the ones to drag the market the most.  

The market has been surging despite India’s unemployment rate rose to a four-month high of 7.91% in December, as per Centre for Monitoring Indian Economy (CMIE) data. Besides, spike in Covid variant Omicron cases have also failed to deter the market as the domestic markets surged amid posiive global cues on Tuesday.

"Indian equity benchmarks continued their gaining rally boosted by energy and banking sector stocks. The BSE Sensex 30 index currently trading around 59614. There were 24 stocks advancing against 6 stocks declining on the index. The CNX Nifty is currently trading around the level of 17730. There were 33 stocks advancing against 17 stocks declining on the Nifty index," said Gaurav Garg, Head of Research, Capitalvia Global Research  

He said sentiments would remain positive despite hike in unemployment rate as most of the Asian markets trading in green. "Our research suggests that 59400 may act as an important level in the market to stay positive. If the market sustained the level of 59400, we may expect it to trade till the range of 60,000," added Gaurav Garg.