Global cues boost Indian equities; realty stocks' rise

Mumbai, Dec 22 Positive global cues along with bargain hunting supported India's key equity indices' up-move during the mid-afternoon trade on Wednesday.

However, rising Omicron cases as well as continuous outflows of foreign funds capped gains.

Globally, Asian stock markets followed Wall Street to rise higher on Wednesday after the US called for vaccinations and testing, but no travel curbs in response to the omicron coronavirus variant.

Nevertheless, European stock markets opened mixed on Wednesday as traders continued to weigh up coronavirus restrictions, infection rates and the effects on the economy.

At 2.30 p.m., the S&P BSE Sensex traded at 56,727.83 points, up 0.73 per cent. Besides, the broader 50-scrip Nifty at the National Stock Exchange (NSE) rose to 16,896 points, up 125.15 per cent from its previous close.

"Indian equity benchmarks maintained their upward momentum in the noon session. Sentiments were getting support from the Asian markets coupled with the US President's statement to reach a deal of $2 trillion with Senator Joe Manchin," said Gaurav Garg, Head of Research, CapitalVia Global Research.

"Additional support came in the market as the government said that profitability of public sector banks has improved on a consolidated basis after amalgamation."

According to Deepak Jasani, Head of Retail Research, HDFC Securities: "Nifty opened with another upgap on December 22 and kept rising gradually. Post one intra day correction, it has recovered well."

"Among sectors, Realty, Metals, Capital Goods, Auto, Telecom and Healthcare indices have risen the most."