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The Indian equity market kicked off 2022 on a bullish note on Monday, with the benchmark BSE Sensex surging over 900 points to reclaim the 59,000-level.
Starting off the session confidently, the BSE gauge further strengthened its gains as the trade progressed and went to hit the day's high of 59,266.39. It finally ended 929.40 points or 1.60 per cent higher at 59,183.22.
Likewise, the NSE Nifty soared 271.65 points or 1.57 per cent to settle at 17,625.70.
Among the prominent gainers on the Sensex chart were Bajaj Finance, Bajaj FinServ, ICICI Bank, Axis bank, Tata Steel, IndusInd Bank and HDFC Bank -- rising as much as 3.50 per cent.
In contrast, Dr Reddy's, M&M, Tech Mahindra and Nestle ended in the red.
The Indian equity market ended the year 2021 on a high note on Friday. On the last trading day of 2021, the Sensex closed 459.50 points or 0.80 per cent higher at 58,253.82 and the Nifty ended 150.10 points or 0.87 per cent up at 17,354.05.
On yearly basis, the Sensex gained 21.99 per cent or 10,502.49 points, and the Nifty rose 24.11 per cent or 3,372.3 points during 2021.
Asian stock markets were mixed on the first trading day of 2022 on Monday.
Hong Kong shares retreated while South Korea stocks gained. Markets in Japan and China were closed.
Meanwhile, international oil benchmark Brent crude rose 1.49 per cent to USD 78.94 per barrel.
On Friday, foreign institutional investors (FIIs) were net buyers in the capital market, as they purchased shares worth Rs 575.39 crore, according to stock exchange data.
Rupee Pares Initial Losses, Settles 3 Paise Up At 74.26/USD In First Trading Session Of 2022
The rupee pared its initial losses and closed on a positive note in the first trading session of 2022 on Monday, tracking positive domestic equities.
At the interbank forex market, the local unit opened at 74.35 against the greenback and witnessed an intra-day high of 74.25 and a low of 74.47.
The domestic unit finally settled at 74.26 (provisional) against the US dollar, registering a gain of 3 paise over its previous close.
The local unit had settled at 74.29 on the last trading day of 2021.
"Rupee started the year on a steady note, supported by stronger regional currencies and domestic equities...," said Dilip Parmar, Research Analyst, HDFC Securities.
Parmar further noted that "dollar selling has been seen from local banks on behalf of exporters and expectation of better inflows from primary markets could continue this quarter as well. Market is pricing for around Rs 44,000 crore from IPO this quarter."
The dollar index, which measures the greenback's strength against the basket of six currencies, advanced 0.11 per cent to 95.77.
Foreign institutional investors were net buyers in the capital market on Friday, as they purchased shares worth Rs 575.39 crore, as per exchange data.
Gold Declines By Rs 84; Silver Tumbles Rs 369
Gold price in the national capital on Monday dipped by Rs 84 to Rs 47,053 per 10 grams, in-line with the decline in international precious metal prices, according to HDFC Securities.
In the previous trade, the precious metal settled at Rs 47,137 per 10 grams.
Silver also dipped by Rs 369 to Rs 61,037 per kg from Rs 61,406 per kg in the previous trade.
In the international market, gold was trading lower at USD 1,823 per ounce and silver was flat at USD 23.11 per ounce.
"Gold prices traded weak with spot gold prices at COMEX trading at USD 1,823 per ounce on Monday. Gold prices traded lower with stronger dollar and higher US bond yields," HDFC Securities, Senior Analyst (Commodities), Tapan Patel said.
