The domestic equity benchmarks traded with strong gains in early trade amid across the board buying in index pivotals. The Nifty was trading above the key 17,350 mark. Asian stocks are trading higher.
At 09:24 IST, the barometer index, the S&P BSE Sensex, was up 703.32 points or 1.22% to 58,336.97. The Nifty 50 index added 193.25 points or 1.13% to 17,369.95.
In the broader market, the S&P BSE Mid-Cap index rose 0.93% while the S&P BSE Small-Cap index added 1.25%.
The market breadth was strong. On the BSE, 1997 shares rose and 435 shares fell. A total of 71 shares were unchanged.
The Reserve Bank of India (RBI)'s Monetary Policy Committee (MPC) kicked off its three-day policy meet on 6 December 2021. MPC's interest rate decision will be announced today, 8 December 2021. In the previous meeting, MPC kept the policy repo rate under the liquidity adjustment facility (LAF) unchanged at 4%.
Stocks in Spotlight:
Reliance Industries (RIL) rose 0.81% to Rs 2,381.85. RIL and Abu Dhabi Chemicals Derivatives Company RSC (TA'ZIZ) have agreed to launch 'TA'ZIZ EDC & PVC', a world-scale chemical production partnership at the TA'ZIZ Industrial Chemicals Zone in Ruwais. The new 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.
Hindustan Zinc rose 1.32% to Rs 353.60 after the company said that its board has approved an interim dividend of Rs 18 per equity share for FY22.
Jindal Steel and Power (JSPL) added 1.49% to Rs 373.45. JSPL said steel production increased by 10 % Y-o-Y in November to 6.74 lakh tonnes as compared to 6.14 lakh tonnes of steel production in the previous year.
Global markets:
Asian stocks are trading higher on Wednesday, continuing a global relief rally as markets found positive news in early reports about the potential impact of the Omicron variant.
Japan's economy in the July-September period contracted deeper than initially estimated last quarter amid a summer surge in COVID-19 cases that triggered emergency restrictions. Japan's economy in the July-September period shrank an annualized real 3.6% from the previous quarter, downgraded from the 3% contraction initially reported, government data showed Wednesday.
Meanwhile, British drugmaker GSK reportedly said on Tuesday its antibody-based COVID-19 therapy with U.S. partner Vir Biotechnology is effective against all mutations of the new Omicron coronavirus variant.
US stocks jumped for a second day, continuing their rebound from a recent rough patch, as investors grew less fearful of the potential economic impact from the new omicron coronavirus variant.
The US trade deficit narrowed sharply in October as exports soared to a record high, potentially setting up trade to contribute to economic growth this quarter for the first time in more than a year. The commerce department said on Tuesday that the trade gap plunged 17.6% to $67.1 billion.
The House passed a bill that would allow the Senate to raise the debt ceiling with a simple majority vote. The U.S. is expected to hit its debt ceiling around December 15, which raises the threat of a default. Once the legislation gets through the Senate and to President Joe Biden's desk, Congress can hold separate votes to increase the U.S. borrowing limit.
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