The domestic equity barometers continued to trade with strong gains in mid afternoon trade. The Nifty hovered around 17,150 mark. Auto stocks advanced after declining in the past two sessions.

At 14:24 IST, the barometer index, the S&P BSE Sensex, was up 1114 points or 1.96% to 57,861.14. The Nifty 50 index surged 233.60 points or 1.38% to 17,145.85.

In the broader market, the S&P BSE Mid-Cap index added 1.38% while the S&P BSE Small-Cap index gained 1.08%.

The market breadth was strong. On the BSE, 2,345 shares rose and 896 shares fell. A total of 116 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%.

Buzzing Index:

The Nifty Auto index rose 1.86% to 10,786.90. The index had declined 2.61% in the past two sessions.

Tata Motors (up 3%), Maruti Suzuki (up 2.86%), Ashok Leyland (up 2.73%), Bajaj Auto (up 1.66%), Hero MotoCorp (up 1.58%), Eicher Motors (up 1.36%), Bharat Forge (up 1.15%), Mahindra & Mahindra (up 0.88%) and TVS Motor Company (up 0.73%) advanced.

Stocks in Spotlight:

Aurionpro Solutions jumped 4.30% to Rs 275.50 after the company announced that it has been selected by the SBI as the solution provider for Kanpur Metro Project (KMP) under Uttar Pradesh Metro Rail Corporation (UP MRCL). The project is valued (inclusive of taxes) close to Rs 140 crore.

Dilip Buildcon jumped 4.04% to Rs 543.20. The company has emerged L-l bidder in the tender floated by South Eastern Coalfields (SECL), Sitrgrauli, for removal of over burden in the State of Madhya Pradesh. The contract value is Rs 2,683.02 crore.

Numbers to Track:

The yield on the 10-year benchmark federal paper rose to 6.384% compared with 6.359% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 75.42, compared with its close of 75.45 during the previous trading session.

MCX Gold futures for 4 February 2022 settlement rose 0.24% to Rs 48,029.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.13% to 96.20.

In the commodities market, Brent crude for February 2022 settlement rose $1.22 or 1.67% to $74.30 a barrel.

Foreign Market:

Shares in Europe and Asia surged on Tuesday, with concerns about the potential severity of the omicron variant easing.

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

US Dow Jones futures were up 301 points, pointing to another strong day on Wall Street in early premarket trade, continuing Monday's rebound.

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