Economy

After two days in red, Nifty reclaims 17,100 – Market is turning green

The market is in good shape, with the Nifty50 reclaiming the crucial 17,100-point mark on December 7 and the Sensex jumping over 800 points.

The Nifty50 reached an intraday high of 17,171.60 points and was up 1.5 percent to 17,166.05 points at 11:18 a.m. The Sensex, meanwhile, reached an intraday high of 57,642.24 points before closing at 57,628.62 points, up 1.6 percent.

On the Nifty50, 43 of the 50 stocks were in the green, with banks and metals leading the way.

Let’s take a look at what’s driving today’s market rally:

Fears about Omicron are being alleviated.

Early studies of COVID-19 cases of the Omicron strain have revealed that, despite its rapid spread, the virus is largely milder than the Delta variant. The initial data on the variant was also “encouraging,” according to White House Chief Medical Advisor Dr. Anthony Fauci. He did warn, however, that more information was needed to fully comprehend it. These developments have allayed concerns about strict lockdowns and global economic disruptions once more.
Markets in Asia are upbeat.

Major Wall Street indices rose on Monday as a result of the positive developments, triggering positive Asian cues on December 7.

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