MARKETS: Sensex rises 300 points, Nifty above 17,150 in pre-open

Pre-open session

LIVE market updates: Benchmark indices were trading with decent gains in the pre-open session. The BSE Sensex was higher by nearly 300 points at 57,721, while the Nifty50 was at 17,165, up 79 points.

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The benchmark indices are expected to open on a positive note on Tuesday deriving support from strong global market cues and robust export data for December.









At 8:14 am, the SGX Nifty was quoting 17,268 level as against Nifty’s spot close of 17,086 on Monday.

However, investor sentiment may remain on the weaker side amid fresh covid-19 fears due to the omicron variant.

RBL Bank may be in focus for the second straight trading session after ICRA and CARE ratings said that the two had put the private bank’s ratings under watch and were closely monitoring developments.

Tata Group hospitality arm Indian Hotels Company will also be looked out for as the management on Monday told CNBC-TV18 that hotel bookings have slowed down for January and February 2022 in view of the covid-19 situation.

Meanwhile, India’s exports reportedly jumped by 36.2 per cent in the first three weeks of December 2021 as against a 27.7 per cent growth in the same period last year.

New listing

Supriya Lifescience will be in focus today as the stock makes its debut on the bourses. The IPO was subscribed 71.5 times, with huge demand from the NIIs, subscription of more than 161 times. The Grey Market Premium indicates a possibility of a bumper listing, with premium seen in the range of 40-25 per cent versus the issue price of Rs 274 per share.

Global cues

The US markets ended on a strong note, with the S&P 500 index at a new all-time high on the back of strong holiday season retail sales data.

Oil prices jumped to higher levels even as 1,000 flights were canceled over the weekend on hopes that Omicron may have a limited impact on the economy. Brent Crude surged 3.2 per cent to $78.60 a barrel, and WTI Crude futures rose 2.4 per cent to $75.57 a barrel.

The major markets in Asia this morning were all in the positive zone. Japan’s Nikkei had surged over a per cent. Shanghai Composite and Hang Seng were up around 0.2 per cent each. Straits Times and Taiwan Weighted had advanced more than 0.5 per cent, while Kospi was flat.

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