At 13:23 IST, the barometer index, the S&P BSE Sensex, jumped 958.63 points or 1.69% at 57,705.77. The Nifty 50 index surged 277.50 points or 1.64% at 17,189.75.

ICICI Bank (up 3.11%), Axis Bank (up 2.94%), SBI (up 2.18%) and HDFC (up 2%) boosted the indices.

In the broader market, the S&P BSE Mid-Cap index added 1.09% while the S&P BSE Small-Cap index gained 1.02%.

The market breadth was strong. On the BSE, 2,311 shares rose and 884 shares fell. A total of 113 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%.

Gainers & Losers:

Hindalco Industries (up 4.3%), ICICI Bank (up 3.74%), Kotak Mahindra Bank (up 3.11%), Adani Ports & SEZ (up 3%) and Axis Bank (up 2.94%) were top gainers in Nifty 50 index.

Cipla (down 0.69%), Asian Paints (down 0.52%) and Divi's Laboratories (down 0.22%) were top losers in Nifty 50 index.

Primary Market:

The initial public offer (IPO) of Rategain Travel Technologies received bids for over 47.24 lakh shares as against 1.73 crore shares on offer, according to stock exchange data at 11:12 IST on Tuesday (7 December 2021). The issue was subscribed 0.27 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.

Stocks in Spotlight:

Kotak Mahindra Bank rose 3.59% to Rs 1954 after the bank said that its board will meet on 10 December 2021 to consider a proposal to raise funds via issue of debt securities.

Route Mobile fell 0.68%. The company on Tuesday announced the launch of Click2Pay, an instant payment solution designed to simplify communications commerce & deliver a seamless conversational experience. It is embedded with enhanced AI algorithms, advanced analytics, unified payment APIs that will ensure cost optimization making the payment reminder messages more informative & actionable.

Global Markets:

Asian stocks were trading higher on Tuesday, bouncing back from Monday losses as Wall Street rallied on optimism that the omicron variant risk might not be as bad as feared.

US stocks rallied on Monday as investors shook off fears around the emerging threat of the Covid omicron variant.

White House Chief Medical Advisor Dr. Anthony Fauci had reportedly said that the initial data on the omicron variant was “encouraging,” though he cautioned that more information was needed to fully understand it.

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