The benchmark indices marched higher and hit fresh intraday high in early afternoon trade. The Nifty was trading near 17,200 mark.

At 12:30 IST, the barometer index, the S&P BSE Sensex, jumped 923.63 points or 1.63% at 57,670.77. The Nifty 50 index surged 266.50 points or 1.58% at 17,178.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.85% while the S&P BSE Small-Cap index gained 0.96%.

The market breadth was strong. On the BSE, 2,294 shares rose and 875 shares fell. A total of 110 shares were unchanged.

While uncertainty continues to persist over the Omicron's health and economic impacts, investors have embraced news from South Africa which suggested that the exponential rise in Omicron infections has not been followed by a big wave in hospitalizations.

Ntsakisi Maluleke, a public health specialist in South Africa's Gauteng province, reportedly said that over the weekend, patients with omicron had only shown mild symptoms.

Economy:

The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) kicked off its two-day policy meet on 6 December 2021. MPC's interest rate decision will be disclosed on Wednesday, 8 December 2021. In the previous meeting, MPC kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4%.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, tumbled 6.94% to 18.6825. The Nifty 30 December 2021 futures were trading at 17,254, at a premium of 75.25 points as compared with the spot at 17,178.75.

The Nifty option chain for 30 December 2021 expiry showed maximum Call OI of 34.5 lakh contracts at the 18,000 strike price. Maximum Put OI of 49.7 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Financial Services index advanced 2.34% to 18,008.20. The index lost 2.14% in the past two trading sessions.

Kotak Mahindra Bank (up 3.53%), ICICI Bank (up 3.43%), Axis Bank (up 2.83%), Bajaj Finance (up 2.61%) and State Bank of India (SBI) (up 2.34%) were the top gainers in the Financial Services segment.

IPO Update:

The initial public offer (IPO) of Rategain Travel Technologies received bids for over 41.92 lakh shares as against 1.73 crore shares on offer, according to stock exchange data at 12:27 IST on Tuesday (7 December 2021). The issue was subscribed 0.24 times.

The issue opened for bidding today, 7 December 2021 and it will close on 9 December 2021. The price band of the IPO is fixed at Rs 405-425. An investor can bid for a minimum of 35 equity shares and in multiples thereof.

The offer comprises of a fresh issue up to Rs 375 crore and an offer for sale of up to 2,26,05,530 equity shares.

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