Indian shares closed over 1.5 percent more than 1% higher Tuesday metal and banking stocks rose from their previous sessions as fears over the possible impact of this Omicron coronavirus variant diminished.
The closing bell rang, and Blue-chip NSE the Nifty 50 Index. And the benchmark S&P BSE Sensex was both up 1.56 percent to 17,176.60 and 57,633.65 and 57,633.65, respectively. The Nifty 50 index and the Sensex saw their highest day since September. 23.
Doctor. In a Monday interview, Anthony Fauci, the highest U.S. infectious disease official, said to CNN that it doesn’t appear that Omicron is suffering from a “great level of seriousness.”
The Nifty index of banks inched upwards to close 2.47 percentage points higher, the most successful day in a month since the 21st of May.
The shares of Kotak Mahindra Bank were up 2.8 percent, as was Axis Bank up 3.6 percent after a report stated that the two lenders from the private sector were among the top contenders to buy the retail properties of Citi India.
“The rising U.S. markets after Fauci’s remarks have been among the main factors that drove Indian stocks up this morning. As a result, the market is gaining momentum, and we anticipate that the Omicron version to help in keeping rates of interest at an all-time low” Siddhartha Khemka, the director of research on retail within Motilal Oswal Financial Services.
“The valuations of Indian equity markets have dropped from their previous highs and are not in the high-priced zone, which is providing some confidence to investors.”
The metals index Nifty closed 3.13 percent higher. The shares of state-owned miners Hindustan Copper Ltd and National Aluminium Co Ltd are climbing 10.1 percent and 7.1 percent.
According to a news report, India’s disinvestment department will shortly seek cabinet approval regarding the sale of the two companies.
The heavyweight Tata Steel and the state-owned Steel Authority of India Ltd were up 3.61 percentage and 4.7 percent, respectively.
Investors keep an eye on an RBI policy announcement due on Wednesday when they are expected to maintain interest rates.
Eric is a professional news editor, writer, and blogger for the last 10 years. He is working with NewsGater as an off-beat news editor cum writer.