Sensex Breaches 59,000 Mark, Gains 1,000 Points, Nifty Above 17,600. Auto, IT, Bank Stocks Lead The Rally

Share Market News: PSU Coal India was trading at Rs 152.6, nearly 5 per cent up from the previous close. The stocks of the company rose after the news of its increased output in December.

New Delhi: On the first trading day of 2022, markets are showing a bullish trend. Sensex gained 1,000 points and was trading close 59,250, as of 2:35 PM. Nifty was trading above 17,600, up 265 points from the previous close. Eicher Motors gained 4.82 per cent, according to data on nseindia’s website. Investors gain Rs 3.15 lakh crore in their wealth on Monday, according to Economic Times.

However, pharma stocks showed a weak trend. Cipla and Dr Reddy’s fell the most in Nifty50. On the other hand, bank stock including ICICI Bank, Axis Bank and HDFC Bank gained over 2 per cent.

PSU Coal India was trading at Rs 152.6, nearly 5 per cent up from the previous close. The stocks of the company rose after the news of its increased output in December. The company saw a 3.3 per cent rise in its output to 60.2 million tonnes in December.

The shares of RBL Bank fell nearly 3 per cent. The bank has been struggling with management issues and shares fell as much as over 20 per cent in late December after RBI intervened in the management of the bank. In the last listing of 2021, CMS Info Systems was trading at Rs 240.75, gaining 1.4 per cent from the previous close. The shares were listed at Rs 216 and have been rising since.

Pharma Stocks Weak

The stocks of the pharma companies saw a major fall today. Laurus Labs, Syngene International Ltd, Cipla Ltd and Procter and Gamble Health, all were trading in the red. Nifty Pharma and Nifty Healthcare were the only sectoral indices trading in red, according to data on nseindia’s website.