The market is in fantastic form, with the Nifty50 recovering the important 17,100-point milestone and the Sensex surging over 800 points on December 7.
At 11:18 a.m., the Nifty50 index had set an intraday high of 17,171.60 points and was up 1.5 percent to 17,166.05 points. Meanwhile, the Sensex hit an intraday high of 57,642.24 points before finishing up 1.6 percent at 57,628.62 points.
On the Nifty50, 43 of the 50 equities were in positive territory, led by banks and metals.
Let’s take a look at the factors that are propelling today’s market rally:
Fears about Omicron are dissipating.
Despite its rapid dissemination, early analyses of COVID-19 cases of the Omicron strain have showed that the virus is significantly milder than the Delta form. According to White House Chief Medical Advisor Dr. Anthony Fauci, the early data on the variation was likewise “encouraging.” However, he did caution that additional information was required to fully appreciate it. Concerns about stringent lockdowns and worldwide economic disruptions have been allayed once more as a result of these events.
Asia’s stock markets are optimistic.
As a result of the good developments, major Wall Street indices climbed on Monday, generating optimistic Asian cues on December 7.