The frontline indices gained 1-2 percent Tuesday, rebounding from yesterday’s fall as financial and metal stocks pulled the benchmarks in the green. The stocks recovered ahead of the Reserve Bank of India's monetary policy decision.

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The 30-scrip Sensex closed at 57,633, as it rose 885 points and the Nifty50 index surged 265 points to end at 17,176. The broader markets supported the rally as both mid-caps and small-caps surged a percent higher.

Among the sectoral indices, Nifty Metal closed the day 3 percent higher. Financials contributed handsomely to the rally, with Nifty Bank rising 2.5 percent and Nifty Financial Services up over 2.2 percent. Nifty PSU Banks were also u over 2 percent.

45 of 50 Nifty stocks closed in the green. The 5 stocks that could not participate in the rally are Britannia, Cipla, Divi’s Lab, Asian Paints, and IOC. The top 5 best-performing stocks on the Nifty50 index are Hindalco, Tata Steel, Axis Bank, ICICI Bank, and Tata Motors.

Unlock-theme stocks (Delta Corp, IndiGo, Indian Hotels, PVR) moved sharply higher. And Vodafone Idea fell over 5 percent after it came out of the futures & options ban. Tracking the Maharashtra government’s decision to cut testing prices, diagnostic stocks slipped. Regardless, the market breadth was in the favour of advances, with 7 stocks rising for every 2 that fell.

Plus, BSE companies were able to regain yesterday’s market cap loss, the market cap is up over Rs 3 lakh crore today.

Globally, Asian shares also staged a recovery on receding worries about the impact of the Omicron variant while Chinese markets were supported by the central bank easing monetary policy.

MSCI's broadest index of Asia-Pacific shares outside Japan advanced 1 percent and was on course for its biggest jump in two months. Overnight, Wall Street indices rose over 1 percent.

Oil prices ticked over 2 percent higher Tuesday, with US oil rising to $71.42 and Brent crude surging to $74.85. Gold prices were steady at $1,780 per ounce on expectations US consumer price data due later this week will show inflation quickening.

(With inputs from Reuters)

(Edited by : Yashi Gupta)

First Published:Dec 7, 2021 3:49 PM IST