Mkts recover significantly during the week, Sensex gains 2.16%
Markets recovered significantly during the week with Sensex gaining 2.16 per cent.
image for illustrative purpose
Mumbai, Jan 01 Markets recovered significantly during the week with Sensex gaining 2.16 per cent.
This strong pullback and phase exhibits a stock market surge through the last five trading days of December and the first two days of January.
The Goods and Services Tax Council is likely to put on hold the implementation of higher tax on certain items like footwear and textiles which is also supporting the market. The Sensex was at 58387 with gains of 2,24 Sensex gaining 2.16 per cent during the end of the week on December 31.
BSE healthcare and BSE Consumer durable were the top two performing sectoral indices with gain of 5.18 per cent and 4.58 per cent respectively. IPOs galore!' was the prominent theme in the last 15 days with a slew of companies making their D-street debut. While all the IPOs received a great response with multi-fold subscription across the board, the euphoria surrounding the IPOs seemed to fizzle out as the sentiment of the broader markets turned weak. Indian markets may continue to be weak in near term as markets react to Omicron related developments and subsequent impact on the economy.
"We may witness sectoral rotation with beaten down sectors picking up pace," says Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
The Federal Reserve is anticipating multiple rate hikes in 2022 as the economy strengthens and concerns about inflation remain central to monetary policy.
In Covid News, a UK government study published this week said that people are far less likely to be admitted to the hospital with the Covid omicron variant than with the previous delta strain.
