Sensex, Nifty rise for 3rd session; Medplus surges 40% on debut

Indian benchmark indices continued their gaining streak for the third straight session on Thursday as investor appetite for riskier assets improved amid easing concerns about the economic impact of the Omicron variant of the SARS-CoV-2 virus. The global rally in equities also boosted sentiment as overseas markets cheered strong U.S. economic data and report that the Omicron strain might be less severe than feared.

Extending gains for the third session, the BSE Sensex ended 384 points, or 0.68%, higher at 57,315, and the NSE Nifty settled at 17,072, up by 117.15 points or 0.69%. During the day’s trade, Sensex touched a high of 57,491, while Nifty reclaimed a high of 17,119.

Among sectoral indices, the BSE Realty and PSU index were the top performers. The realty index ended 2.21% higher, led by Phoenix Mills, Macrotech Developers, Prestige Estates, Sunteck Realty, and Oberoi Realty. The PSU index was another major gainer and settled with a gain of 1.64%, led by index heavyweights such as MMTC, Power Grid Corporation, Indian Bank, Power Finance Corporation and ONGC.

Broader markets continue to shine

The broader indices outperformed the large-cap index for the third day, with the S&P BSE Mid-Cap and the S&P BSE Small-Cap indices rising 1% and 0.7%, respectively.

The overall market breadth on the BSE was also strong, with 2,323 stocks advancing as against 1,240 shares declining, while 171 remained unchanged.

Top gainers and losers

State-owned electric power transmission company Power Grid Corporation of India topped Sensex’s gainers chart by rising 2.5%. Some of the other top gainers of the BSE Sensex pack today were ITC, Bajaj Finance, Infosys and NTPC.

On the losing side, telecom major Bharti Airtel emerged as the biggest loser by falling 0.9%. The other top laggards included Sun Pharmaceutical Industries, Maruti Suzuki India, UltraTech Cement and Asian Paints.

Shares in news

MedPlus Health Services: Share of the pharmacy retailer made a strong debut on the domestic exchange by closing 40% higher against the issue price on the first day of trade. The stock was listed at ₹1,015, at a premium of 27.51% to the initial public offer (IPO) price. The company has raised ₹1,398.30 crore in its initial public offering, which opened for subscription between December 13-15. The price band for the offer was ₹780-796.

Ceinsys Tech: Shares of the technology solution provider zoomed 20% after it announced acquisition of Allygrow Technologies, a technology-driven company. Boosted by the development, shares of the engineering services company climbed to hit a 52-week high of ₹211.05 on the BSE.

Indian Oil Corporation: Shares of the state-owned oil marketing company rose 3% after it emerged as one of the top bidders for city gas licences. The oil major, along with billionaire Gautam Adani's Adani Total Gas, emerged as top bidders for retailing CNG and piped cooking gas in the latest city gas bidding.

Infosys: The share price of the IT major extended its rally for the third straight session, rising 2% to hit a lifetime high of ₹1,860 during the session. The stock breached its previous high of ₹1,848 touched on October 20 this year.

GPT Infraprojects: Shares of the infrastructure company jumped 12.8% after it bagged an order worth ₹187.81 crore. The company has secured the contract from Maharashtra Rail Infrastructure Development Corporation Limited.

Jubilant Foodworks: Shares of the Indian food service company, which owns franchise for Domino's Pizza in India, climbed 3% after brokerage firm Morgan Stanley raised price target for the stock. The agency has upgraded the target price to ₹5,000, implying an upside of 47% from the previous day’s close at ₹3,429 on the BSE.

Global equities advance on easing Omicron threat

Overseas, Asian shares ended higher on Thursday, following strong cues from Wall Street and positive reports about the potential impact of the Omicron variant on the global economy. The investors also cheered stronger U.S. macro data, which painted a rosy picture about economic growth. The government data on Wednesday showed that the U.S. economy grew at 2.3% in the third quarter, slightly better than market expectations.

Japan’s Nikkei 225 ended day’s trade with a 0.8% gain, while Thailand’s Set Composite index emerged as the biggest gainer in the region market by surging 0.9%.

China’s Shanghai Composite settled with a 0.6% gain, paring opening losses, while the Hang Seng index in Hong Kong climbed 0.4%.

In a similar trend, South Korea’s Kospi rose 0.46%, and the Straits Times Index in Singapore climbed 0.3%. While Indonesia’s Jakarta Composite soared 0.4%, Australian benchmark index, ASX 200, closed 0.3% higher.

Meanwhile, European shares also surged in opening trade on Thursday even as Omicron cases rose across the globe and more countries announced curbs to contain the spread of the virus. Some of the European countries such as Germany, Portugal, Scotland, Ireland, Netherlands and South Korea have reimposed restrictions in wake of rising cases of Omicron variant of the coronavirus.