Sensex Rallies Over 500 Points, Nifty Reclaims 17,500 Led By Auto, IT Shares

The Indian equity benchmarks surged on first trading session of 2022 on Monday with Sensex rising over 500 points and Nifty reclaiming its important psychological level of 17,500 led by gains in auto and information technology shares. Meanwhile, other Asian markets were trading on a mixed note with Hong Kong's Hang Seng falling 0.65 per cent while South Korea's KOSPI and Taiwan Weighted rose 0.2 per cent each.

As of 9:30 am, the Sensex was up 320 points at 58,574 and Nifty 50 index advanced 105 points to 17,458.

Investors are now focusing on focusing on upcoming Union Budget wherein the government will announce measures to spur economic growth in the country which has been disrupted by the ongoing Covid-19 pandemic, analysts said.

Buying was visible across the board as all the 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Auto Index's 1.2 per cent gain. Nifty Information Technology, Oil & Gas, Consumer Durables, Financial Services and select Banking shares were also witnessing buying interest.

Mid- and small-cap shares were also witnessing buying interest as Nifty Midcap 100 index rose 0.41 per cent and Nifty Smallcap 100 index advanced 0.63 per cent.

Coal India was top Nifty gainer, the stock rose 3.22 per cent to Rs 151. Tata Motors, Eicher Motors, Maruti Suzuki, Tata Consultancy Services, HCL Technologies, Tech Mahindra, Wipro, Asian Paints, NTPC and Infosys also rose between 1.2-2 per cent.

On the flipside, Cipla, IndusInd Bank, Hindalco, Britannia Industries, Mahindra & Mahindra, HDFC Life and Dr Reddy's Labs were among the losers.

The overall market breadth was positive as 2,337 shares were advancing while 676 were declining on the BSE.