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Sensex ends up 1,000 pts, Nifty above 17,450; financials, IT, auto stocks soar

Stock market today: Indian markets extended gains from Tuesday, rising over 1% Gains were led by IT, banks, and financial stocks. BSE midcap and smallcap indices rose a percent each. (Photo: PTI)Premium
Stock market today: Indian markets extended gains from Tuesday, rising over 1% Gains were led by IT, banks, and financial stocks. BSE midcap and smallcap indices rose a percent each. (Photo: PTI)

  • Market closing: Indian stock markets extended gains from Tuesday, tracking positive global cues and as RBI maintained status quo on policy rates. The Sensex touched a high of 58,702.65 and low of 58,122.27, while Nifty moved between 17,308.95 and 17,484.60

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RBI left key policy rates unchanged, and maintained its accommodative stance while announcing its latest bi-monthly monetary policy statement. The central bank retained GDP growth target at 9.5% in FY22 and revised Q3FY22 GDP growth to 6.6%. 

08 Dec 2021, 03:50:16 PM IST

Sensex jumps 1,016 points, Nifty closes above 17,450 as financials, IT, auto stocks soar; RBI holds rates 

Indian stock markets closed higher for the second straight day, led by gains in banks, financials, IT and auto stocks.

As was widely expected, the Reserve Bank of India left key policy rates unchanged, and maintained its accommodative stance while announcing its latest bi-monthly monetary policy statement. The central bank retained GDP growth target at 9.5% in FY22 and revised Q3FY22 GDP growth to 6.6%.

The Sensex rose 1,016.03 points or 1.76% to end the session at 58,649.68, and the Nifty was up 293.10 points or 1.71% at 17,469.80. 

Volatility gauge, India VIX, eased 6.5%.

Bajaj Finance, Hindalco Industries, Maruti Suzuki, SBI and Bajaj Finserv were among the top Nifty gainers, while Kotak Mahindra Bank, Power Grid, Divis Labs and Indian Oil fell.

All sectoral indices ended in the green, with PSU bank, auto, IT indices rising 2% each. BSE MidCap and SmallCap indices rose over a percent each.

Sensex stocks at close on 8 December.
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Sensex stocks at close on 8 December.
08 Dec 2021, 03:23:46 PM IST

RBI to soon float paper on reasonableness of charges on transactions via digital payments: PTI

With a view to make digital transactions more affordable, the Reserve Bank of India will soon come out with a discussion paper on the reasonableness of charges on transactions through digital mode.

Observing that concerted efforts by all stakeholders have led to a significant increase in digital payments in recent years, RBI Governor Shaktikanta Das said there have, however, been some concerns on the reasonableness of various charges incurred by customers for digital payments through credit cards, debit cards, prepaid payment instruments (cards and wallets), Unified Payments Interface (UPI) and the like.

Entities involved in providing digital payment services incur costs, which are generally recovered from the merchant or customer or is borne by one or more of the participants, he said while unveiling the bi-monthly monetary policy.

08 Dec 2021, 03:18:05 PM IST

TRAI releases consultation paper on ‘Ease of Doing Business in Telecom & Broadcasting Sector’

08 Dec 2021, 03:15:40 PM IST

UP, Delhi, Karnataka leading states in EV sales: Minister Gadkari in Parliament

08 Dec 2021, 03:15:05 PM IST

Indian IT-BPM sector to add 3.75 lakh new jobs in FY22: TeamLease

08 Dec 2021, 03:02:12 PM IST

European stocks steady at open after surge

Europe's top stock markets steadied at the open on Wednesday, having surged in the previous session, on easing concerns over a financial fallout from coronavirus variant Omicron.

London's benchmark FTSE 100 index gained 0.2% to 7,350.56 points.

In the eurozone, Frankfurt's DAX index lost 0.2% to 15,781.87 points while the Paris CAC 40 rose 0.2% to 7,077.66.

Frankfurt and Paris closed up nearly 3% on Tuesday.

08 Dec 2021, 03:00:32 PM IST

Social Democrat Olaf Scholz elected as German chancellor: agencies 

08 Dec 2021, 02:46:55 PM IST

Top gainers/losers on Nifty at this hour 

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Nifty stocks 
08 Dec 2021, 02:18:21 PM IST

Infosys BPM to create 250 jobs in Ireland with new delivery centre

08 Dec 2021, 01:44:20 PM IST

Army helicopter carrying senior defence officials crashes in TN: PTI

An Army helicopter carrying about 3-4 senior officials including 'top' officers crashed near Coonoor in the nearby hilly Nilgiris district on Wednesday, police sources said. The chopper was on its way from the Sulur IAF base to the Defence Services College (DSC) at Wellington when it crashed, they said. The mishap happened at Nanjappanchathiram area amid heavy mist and early visuals showed the helicopter in flames. There was no immediate information on possible casualty or injuries.

CDS Bipin Rawat, his staff and some family members were reportedly in the Mi-series chopper that crashed between Coimbatore and Sulur in Tamil Nadu. Search and rescue operations launched from nearby bases.

08 Dec 2021, 01:37:38 PM IST

Indranil Pan, chief economist, Yes Bank, on RBI policy statement

Monetary policy remains on expected lines, even with respect to the reverse repo rate. RBI paints a relatively docile picture on inflation for now whilst it wants to ‘assiduously’ nurture growth to make it ‘self-sustaining’. Immediate risks to growth as seen from the Omicron is one specific factor that allows RBI to stay on a status-quo for now. RBI keeps the door ajar, but would probably be more patient on inflation being slightly on the higher side than growth on the faltering side. The turn in the investment cycle will be crucial, that unfortunately is yet to happen. Furthermore, RBI would want to factor in the fiscal policy of February within the scope of adjustments under the monetary policy. If fiscal policy is relatively tighter for next year, then monetary policy might have to continue to remain accommodative. We believe that RBI will attempt to close the LAF (Liquidity adjustment facility) corridor in February if the understanding on the growth-inflation dynamics turns favourable towards growth. Any changes to the Repo rate are still way off and into FY23. Taking a call immediately may be difficult unless there is a clarity on the new variant and the hurt it can inflict on the economy in the near term.

08 Dec 2021, 01:30:59 PM IST

Sensex jumps over 950 points 

Sensex check 
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Sensex check 
08 Dec 2021, 01:23:28 PM IST

Alembic Pharmaceuticals receives USFDA tentative approval for SelexipagTablets: BSE filing 

Alembic Pharmaceuticals has received US FDA's tentative approval for SelexipagTablets in 200 mcg, 400 mcg, 600 mcg, 800 mcg, 1,400 mcg, and 1,600 mcg. 

SelexipagTablets are indicated for treatment of pulmonary arterial hypertension (PAH) to delay disease progression and reduce the risk of hospitalisation.

08 Dec 2021, 01:17:03 PM IST

ICICI Bank, Infosys, RIL push Sensex higher 

Sensex stocks 
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Sensex stocks 
08 Dec 2021, 01:09:20 PM IST

JSPL's prospects supported by volume growth, deleveraging

Jindal Steel and Power Ltd (JSPL) has seen its share price correct more than 18% from October highs. This is due to some softness in steel demand seen in recent times. Steel prices, too, have thereby seen some correction. Analysts, however, have maintained their positive stance on JSPL.

The softness in steel demand and realisations is largely the result of an extended monsoon season, delayed harvesting, and a ban on construction in the NCR region due to severe pollution. The international market has seen weak sentiment as well, and analysts say that consumers are adopting a wait-and-watch policy. 

Besides, analysts at Motilal Oswal Financial Services Ltd point out that there is sufficient inventory lying with traders, who, in a falling market, would try and liquidate rather than accumulate. (Read here)

08 Dec 2021, 01:01:39 PM IST

George Alexander Muthoot, MD, Muthoot Finance, on RBI policy statement

“We welcome RBI's decision to continue with accommodative stance as long as necessary and maintain status quo on rates, the RBI also remains committed to broaden growth impulses and preserve financial stability. I concur with RBI’s stance that while the recovery impacted by the pandemic is gaining traction, Private consumption is still below pre-Covid levels, private investment is still lagging and hence the nascent growth still needs policy support. The RBI also continues to rebalance liquidity conditions in a non-disruptive manner. While the challenges interms of managing growth-inflation dynamics, uncertainty with regards to Omicron continue, we are hopeful that the continued policy support will bode well for sectors like MSME, Agriculture and housing. We are also hopeful that pick up in Government spending and pent up demand will ensure that the market sentiment remains positive and demand revival continues to pick up pace thereby supporting demand for gold loans."

08 Dec 2021, 12:52:16 PM IST

Naveen Kulkarni, chief investment officer, Axis Securities, on RBI policy 

RBI remains supportive of getting the economic growth on track, continuing with a soft interest rate regime, and calibrating liquidity conditions in the system. On expected lines, the status quo was maintained on rates with an accommodative stance. Stance on inflation has been mildly tinkered with, even as markets were expecting marginally higher upward revisions. GDP estimates at 9.5% for FY22 indicate a wait and watch policy by RBI eyeing risks emanating from the new Covid variant and further demand push required to revive growth. Interest-sensitive sectors such as banks, housing will continue to be key beneficiaries. We believe that RBI prioritizing growth with an eye on inflation will keep the hardening of interest rates gradual and the upcoming Budget in February to be a key trigger for the markets.

08 Dec 2021, 12:50:59 PM IST

Top gainers/losers on Nifty at this hour 

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Nifty stocks
08 Dec 2021, 12:47:15 PM IST

India's Star Health cuts IPO size to about $848 million after tepid subscription: Reuters 

India's largest private health insurer Star Health has cut the size of its initial public offering (IPO) to 64 billion rupees ($848.02 million) from 72.49 billion rupees, after a subdued response to the IPO last week, its prospectus showed.

Star Health's IPO failed to get fully subscribed last week, signalling weak investor demand for India's third-biggest listing this year.

Backed by billionaire stock investor Rakesh Jhunjhunwala, the company had priced its IPO between 870 rupees and 900 rupees per share, aiming for a nearly $7 billion valuation.

The IPO now consists of fresh issue of 22.2 million shares and offer for sale of 48.89 million shares, according to the prospectus dated Dec. 7, while the issue and offer were "subject to finalisation of basis of allotment."

Investors will be closely watching the listing which is likely on Friday after Paytm's dismal debut in November cast doubts on the big ticket IPOs and sparked concerns about overvaluation in the domestic equity market.

Indian payments firm MobiKwik deferred its IPO plans, following Paytm's lacklustre performance.

Incorporated in 2005, Star Health offers coverage options for retail health, group health, personal accidents and overseas travel insurance.

08 Dec 2021, 12:40:30 PM IST

RIL rises, forms production JV with Abu Dhabi co

Petchem major Reliance Industries Ltd (RIL) has formed a $2 billion partnership with Abu Dhabi Chemicals Derivatives Company RSC Ltd (Ta’ziz) for chemical production, the company said on Tuesday.The joint venture will construct and operate a chlor-alkali, ethylene dichloride (EDC) and polyvinyl chloride (PVC) production facility, with an investment of more than $2 billion.

“Representing the first production of these chemicals in the UAE, the project will enable the substitution of imports and the creation of new local value chains, while also meeting growing demand for these chemicals globally," RIL said.

The Ta’ziz Industrial Chemicals Zone is a joint venture between Abu Dhabi National Oil Company (ADNOC) and ADQ. The project builds on ADNOC and Reliance’s long-standing strategic partnership and is Reliance’s first investment in the Middle East and North Africa region.

08 Dec 2021, 11:50:58 AM IST

As we accelerate digital shift, there is need for more investments for 5G growth, says Kumar Mangalam Birla at India Mobile Congress

08 Dec 2021, 11:48:40 AM IST

Automobile retail sales remain in slow lane in Nov: FADA

Automobile retail sales in the country dropped by around 3 per cent in November as chip shortage and heavy rains in South India impacted sales across various segments, including passenger vehicles and two-wheelers, automobile dealers' body FADA said on Wednesday.

The total registrations last month stood at 18,17,600 units, down 2.7 per cent from 18,68,068 units in November 2020.

Passenger vehicle sales last month stood at 2,40,234 units, a drop of 19.44 per cent from 2,98,213 units in the same period last year. Similarly, two-wheeler sales last month dropped to 14,33,855 units as compared to 14,44,762 units in the year-ago period.

Tractor sales dropped to 45,629 units last month from 50,180 units in November 2020.

Commercial vehicle and three-wheeler registrations, however, increased last month as compared to the year-ago period.

Nifty Auto
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Nifty Auto
08 Dec 2021, 11:45:23 AM IST

Rajya Sabha proceedings adjourned till 12 noon amid Opposition protest over suspension of 12 MPs: PTI

08 Dec 2021, 11:40:21 AM IST

All sectoral indices higher; banks, IT lead

Nifty sectoral indices.
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Nifty sectoral indices.
08 Dec 2021, 11:35:25 AM IST

Shriram Properties IPO issue subscribed 45% so far on day one of bidding 

08 Dec 2021, 11:30:19 AM IST

SC adjourns hearing of Amazon-Future Case to January 11: CNBC TV18

08 Dec 2021, 11:23:56 AM IST

RBI to launch UPI-based payment product for feature phone users

08 Dec 2021, 11:23:31 AM IST

Roll out of 5G should be India's national priority; affordability critical driver to expand mobile subscriber base: Mukesh Ambani

08 Dec 2021, 10:58:56 AM IST

For paint companies’ investors, cost inflation worry is now a thing of past

Marred by severe cost inflation, paint manufacturers have been on a price hiking spree lately. Post the September quarter, market leader in decorative paints Asian Paints Ltd took a price hike of 8-9%, effective 12 November. This was followed by another 4-6% price hike, effective December 5, according to Axis Capital Ltd. On a cumulative basis, in FY22, Asian Paints has raised prices by more than 20%, said the domestic brokerage house in a report on 6 December.

Competitor Berger Paints India Ltd is also said to have announced a cumulative price rise of around 18% in FY22 with the two recent rounds of nearly 9% in November and 4% in December, added the Axis Capital report. Past trends show that other paint manufacturers such as Kansai Nerolac Ltd, Akzo Nobel Ltd and Indigo Paints Ltd usually follow suit on price increases. (Read here)

08 Dec 2021, 10:58:03 AM IST

Market technical outlook: ICICI Securities 

Despite sharp declines in the past couple of sessions, the index witnessed elevated buying demand from 80% retracement of recent up move (16782-17490) and entirely recouped Monday’s losses. The absence of follow through to Monday’s corrective move, indicates dwindling downward momentum and augurs well for stability at current juncture. The daily price action formed a bull candle carrying higher high-low, signifying presence of buying demand near key supports

· Going ahead, we expect index to trade with a positive bias while sustaining above the key support threshold of 16800 mark and eventually challenge the upper band of consolidation placed at 17500 in coming weeks. Hence dips should be capitalized to accumulate quality stocks. Our constructive thesis is based on following observations:

· The lack of faster retracement on the either side signifies prolongation of ongoing base formation in the range of 16800-17500

· Sharp up move during Tuesday’ session was backed by across sector participation that augurs well for durability of structural uptrend

· Cool-off in domestic as well as global volatility signifies anxiety around Omicron impact is settling down which would help in healthy base formation and gradual move towards 17500 in coming weeks

· The Nifty midcap and small cap indices are sustaining well above their 100 days EMA which has been held since June 2020, highlighting inherent strength. We believe, ongoing consolidation will make market healthy and form a higher base. Therefore, focus should be on accumulating quality stocks to ride structural uptrend .

08 Dec 2021, 10:42:58 AM IST

Indian rupee at 75.37 per dollar vs previous close of 75.44

08 Dec 2021, 10:35:05 AM IST

Fitch cuts India GDP forecast for FY22 to 8.4%

Fitch Ratings on Wednesday cut India's economic growth forecast to 8.4% for the current fiscal year ending March 31, 2022, but raised GDP growth projection for the next financial year to 10.3%.

Fitch had in October forecast a GDP growth of 8.7% in 2021-22 (April 2021 to March 2022) fiscal and 10% in FY23.

"We have cut our FY22 (financial year ending March 2022) GDP growth forecast, to 8.4 per cent (-0.3 pp). GDP growth momentum should peak in FY23, at 10.3 per cent (+0.2 pp), boosted by a consumer-led recovery and the easing of supply disruptions," Fitch said in its Global Economic Outlook.

08 Dec 2021, 10:24:36 AM IST

Price stability remains cardinal principle of RBI as it fosters growth, stability: Governor Das

Seek to re-establish VRRR auctions as the main liquidity tool. Will continue to rebalance liquidity conditions. We are raising VRRR quantum to 6.5 lakh crore (Dec 17). Similarly, VRRR quantum to 7.5 lakh crore (Dec 31), says RBI governor Das.

08 Dec 2021, 10:21:33 AM IST

RBI retains CPI inflation projection at 5.3% for 2021-22: Governor Das

08 Dec 2021, 10:16:56 AM IST

RBI retains GDP growth target at 9.5% in FY22: RBI Governor  Das

Recent reduction in taxes on petrol, diesel prices should support consumption demand, says RBI governor Das.

Crude oil prices softening in November would alleviate domestic cost push build up: RBI Governor Das

Indian economy hauled itself out of its deepest contraction; we are better prepared to deal with COVID-19: RBI Governor Das

08 Dec 2021, 10:15:25 AM IST

RBI leaves key policy rates unchanged, maintains accommodative stance

The Reserve Bank of India's monetary policy committee kept its key lending rate steady at record lows on Wednesday, with investors awaiting its outlook on inflation and what steps it will take to withdraw surplus cash from the banking system.

The committee held the lending rate, or the repo rate, at 4%. The reverse repo rate, or the key borrowing rate, was also maintained at 3.35%.

Economists had priced in a small increase in the reverse repo rate - the rate at which the central bank borrows short-term funds from banks - as the RBI tries to normalise the gap between lending and borrowing rates to pre-COVID levels.

The central bank has slashed the repo rate by a total of 115 basis points (bps) since March 2020 to soften the blow from the coronavirus pandemic and tough containment measures. This follows 135 bps worth of rate cuts since the beginning of 2019.

08 Dec 2021, 10:10:45 AM IST

MPC sees global headwinds as main risk to domestic outlook: RBI governor Das 

08 Dec 2021, 10:08:06 AM IST

RBI maintains ‘Accommodative’ policy stance with 5 MPC members voting for it

08 Dec 2021, 09:56:00 AM IST

Nifty view: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The index is again close to the resistance zone of 17400-17500. If we are successful in closing past it, the Nifty can scale higher to 17800-17900. The current support lies at 16900 and if we break that, the markets could fall all the way down to 16400-16500.

08 Dec 2021, 09:51:26 AM IST

Nykaa in focus; anchor lock-in ends today 

The one-month lock-in period for anchor investors of FSN Commerce Ventures, which operates Nykaa, will expire on Wednesday. Nykaa’s 5,350 crore IPO was subscribed 82 times, with about 21.3 million shares sold to anchor investors. Share price had nearly doubled at trading debut, listing at 2,018, a 79% premium over the issue price of 1,125, propelling its market value to more than 1 trillion.

Nykaa share quote.
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Nykaa share quote.
08 Dec 2021, 09:49:11 AM IST

Volatility gauge, India VIX, eases 6.8% to 17.20

08 Dec 2021, 09:47:59 AM IST

Nifty IT surges climbs over 2%

Nifty IT index 
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Nifty IT index 
08 Dec 2021, 09:34:14 AM IST

Sensex stocks at this hour 

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Sensex stocks 
08 Dec 2021, 09:21:35 AM IST

Nifty above 17,300 at open 

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08 Dec 2021, 09:20:25 AM IST

Sensex opens strong, regains 58K ahead of RBI policy 

Sensex check 
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Sensex check 
08 Dec 2021, 09:15:41 AM IST

RBI policy: Four things to watch out for today

MUMBAI: The Reserve Bank of India (RBI) is expected to maintain status quo on key rates in its bi-monthly policy statement, to be announced at 1000am on Wednesday, as the Omicron variant of the novel coronavirus poses risks to India’s economic recovery.

The three-day review meeting of the six-member Monetary Policy Committee, or the rate-setting panel, of RBI, headed by governor Shaktikanta Das had begun Monday. (Read here)

08 Dec 2021, 09:07:24 AM IST

Nifty back above 17,200 in pre-open 

Nifty check 
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Nifty check 
08 Dec 2021, 09:06:13 AM IST

Sensex above 58K in pre-open 

Market check 
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Market check 
08 Dec 2021, 08:36:22 AM IST

Petrol, diesel prices remain unchanged on 8 December

08 Dec 2021, 08:34:51 AM IST

Nifty view: Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd

On Tuesday, the banking space primarily helped push the benchmarks higher. With the RBI scheduled to announce its monetary policy on Wednesday, action in the market will be dictated by this heavyweight influential basket. 

We expect Nifty to remain in a range of 400-500 points before it breaks out in either direction. On the higher side, 17300 followed by 17500 are to be seen as immediate hurdles; where Nifty is likely to feel some pressure; whereas 17000 has become a sacrosanct support now. 

We reiterate that as long as index consolidates in this range, one needs to focus on stock specific moves which are likely to provide better trading opportunities.

08 Dec 2021, 08:22:25 AM IST

Oil edge lower as investors try to assess Omicron's full impact

Oil prices edged lower on Wednesday, reversing gains from earlier the week, as investors tried to assess the full impact of the Omicron coronavirus variant on global fuel demand and the effectiveness of existing vaccines.

Brent crude futures dropped 25 cents, or 0.3%, to $75.19 a barrel, after settling 3.2% higher on Tuesday. U.S. West Texas Intermediate crude was at $71.86 a barrel, down 19 cents, or 0.3%, having gained 3.7% in the previous session.

08 Dec 2021, 08:20:43 AM IST

Shriram Properties ₹600 crore IPO opens today, closes on 10 Dec

The company has mopped up 268.65 crore from 34 anchor investors, ahead of its initial public offering.

08 Dec 2021, 08:20:09 AM IST

Market view

“The sharp upside bounce on Tuesday session could cheer bulls to make a comeback from the lows. But, the present upside bounce could be short lived and one may expect selling pressure to emerge from the crucial overhead resistance of 17,550 to 17,600 levels on NSE Nifty in the near term," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.

08 Dec 2021, 08:11:03 AM IST

Hyundai India plans to invest ₹4,000 cr to rev up EV biz

Hyundai Motor India Ltd plans to invest about 4,000 crore as part of an ambitious plan to introduce half a dozen electric vehicles (EVs) in the country by 2028, said Seon Seob Kim, the company’s managing director and chief executive.

Hyundai aims to introduce the first of the six vehicles next year, which is likely to be a sport-utility vehicle (SUV) model to capitalize on booming SUV demand in the domestic market, Kim said.

India’s second-largest passenger vehicle maker is in discussions with South Korean and Chinese battery makers to encourage them to set up assembly units in the country, Kim said.

The company is also in talks with six private and state-run companies in India to boost vehicle charging infrastructure and alleviate a key concern among EV buyers, he said.

08 Dec 2021, 08:09:36 AM IST

Stocks to Watch 

Shares of Reliance Industries, L&T, Hindustan Zinc, among others, will be in focus today.

08 Dec 2021, 08:08:27 AM IST

SGX Nifty trades higher 

SGX Nifty futures traded at 17,326, up  nearly 0.6%, on the Singapore Exchange in early deals, hinting at positive start for Indian benchmarks.

08 Dec 2021, 07:52:52 AM IST

Asian stocks track US peers higher as virus fears ease

Asian stocks opened higher after technology shares led U.S. equities to their biggest rally in nine months as traders bet the omicron Covid variant won’t stall the global recovery. Treasury yields pared an advance.

Equity benchmarks rose in Japan, South Korea and Australia. Hong Kong and China stocks were little changed. U.S. futures edged higher after both the S&P 500 and Nasdaq 100 chalked their biggest gains since March. Gauges of volatility retreated, with the Cboe Volatility Index sliding.

Japan's Topix index gained 0.6%, Australia’s S&P/ASX 200 Index rose 0.9%,  Kospi index rose 1.1%, Hang Seng Index was steady and the Shanghai Composite Index was little changed.

Overnight, Wall Street's main indexes finished the session with strong gains as investors shook off some anxiety about the latest virus variant and investors piled into technology stocks that boosted Nasdaq.

Intel's announcement of plans to take its self-driving car unit Mobileye public in the United States next year sent its shares soaring and cheered chip investors. The Philadelphia SE Semiconductor index at one point rose more than 5% after hitting a near one-month low on Tuesday.

Investors were also reassured by some positive news regarding the Omicron variant of COVID-19, which had helped send them fleeing from risk last week.

The S&P 500 gained 95.17 points, or 2.07%, to end at 4,686.84 points, while the Nasdaq Composite gained 455.72 points, or 2.99%, to 15,680.87. The Dow Jones Industrial Average rose 492.21 points, or 1.42%, to 35,719.24.

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