Sensex Ends 153 Points Higher, Nifty50 Reclaims 17050 As Market Rebounds – CNBC TV18

Stock Market Highlights: Indian equity benchmarks Sensex and Nifty50 ended a choppy session higher on Monday, rebounding after their worst single-day plunge on Friday following the news of a new COVID variant, Omicron.

And all said and done, some of the data points coming out of SBI from the balance sheet perspective have been far superior to some of the larger private sector banks in the recent past.

Amit Khurana, Head-Equities at Dolat Capital Market, believes that as there will be a lot of news on the new variant of the coronavirus, the market will react abruptly at times.

So whether it is Dr Lal PathLabs or other diagnostic companies, there is going to be lot of interest.

Hemang Jani of Motilal Oswal Financial Services likes the insurance space.

Deepak Shenoy, Founder of Capitalmind, believes the market is still weak “but not as weak as it was in the first, maybe, 15-20 minutes of the day”.

So even if the virus is mild, the market may still continue to fall more on account of a natural correction rather than anything else.

Ajit Mishra, VP-Research at Religare Broking, expects choppiness in the market to remain high given the prevailing uncertainty around the new COVID variant.

But our sense is that the turnaround this year will stay in the banking and finance and that will reflect upon improving earnings for the quarters to come by,” he said.

The 30-scrip index ended 153.4 points or 0.3 percent higher at 57,260.6 and the broader Nifty50 benchmark settled at 17,054, up 27.5 points or 0.2 percent from its previous close.

Speaking on the tariff hikes, Tarun Lakhotia, Director at Kotak Institutional, said: “The message that is given along with the 20 percent across-the-board tariff hike seems to be: It is just the beginning.

Earnings growth is reasonably good, the big is becoming bigger, the capex story is expected to start after 1-3 quarters and a significant revival in real estate will also add the impetus to different legs of the economy,” he said.

Gautam Shah, Founder and Chief Strategist of Goldilocks Premium Research, told CNBC-TV18 he is bullish on Reliance Industries Ltd shares.

So despite the newsflow, the chart setup is positive and this could be the stock that could bail out the bulls going forward.

As you know, 63 percent of India has had a single dose of the vaccine; I think the intent is to ramp up vaccination,” Reddy said.

From 2003 to 2008, the Sensex went up five times in five years but on 6-7 occassions, it corrected by more than 15-20 percent.

In an exclusive interview to CNBC-TV18, market guru Mark Mobius said he expects volatility in the market to come down once more is known about the new variant of the coronavirus.

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