After a period of massive correction, Indian benchmark indices took a breather today. Both Sensex and Nifty performed well. They recovered from earlier losses, even though it was moderate compared to the steep fall.
Amidst positive global cues, Indian markets opened with a gap up. The positive momentum continued through out the day. Indices came down from day’s highs but ended on a positive note. Sensex gained nearly 497 points and closed at 56,319.01, while Nifty gained 156.60 points and ended at 16,770.80. The broader markets have also seen a recovery today.
All sectoral indices performed well. Especially, Metals, IT, Pharma, and realty did well. There will be only one question right now. Will this breather continue for a while and lead to a short-time rally? Or it will fade away as Christmas is approaching? Time will only tell. Because FIIs are still in selling mode. On the other hand, rising cases of Omicron are posing a threat of curbs on re-opened economy. These things are making experts a little bit skeptical.