Daily Markets Wrap - Dec 8, 2021 - Mr. Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty rose for the second consecutive session on Dec 08 as fears from Omicron variant of Covid subsided. Nifty opened with a gap up and rose gradually through the day with minimal corrections. RBI's rate-setting panel voted to keep policy rates unchanged and signalled commitment to support 'durable, strong, inclusive' recovery. This also helped Nifty make further gains. At close, Nifty was up 1.71% or 293 points to 17469.7. Nifty gained the most in points terms in more than 6 months.

On a day when the volumes on the NSE were higher than the recent average, Realty, Metals, Auto, Telecom, IT and Bank indices rose the most. BSE Smallcap and Midcap indices underperformed the Nifty rising 1.4-1.5%.

Stocks advanced Wednesday in Asia after another broad rally on Wall Street as investors wagered that the new variant of the COVID-19 virus won't pose a big threat to the economy. A rebound in market sentiment continued in early European trading on Wednesday, with world shares set for their biggest two-day jump since November last year as investors became less concerned about the Omicron variant.

Nifty has risen sharply over two days. The next resistance is at 17564 while the support could come in at 17252. Sharply positive advance decline ratio hints at some more upside in the near term.

Source : Equity Bulls

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