Taking Stock | Nifty above 17,800, Sensex gains 142 pts amid volatility; Oil Gas stocks gain

Taking Stock | Nifty above 17,800, Sensex gains 142 pts amid volatility; Oil Gas stocks gain

The market ended higher in the volatile session on January 7 amid buying seen in the bank, metal, FMCG and oil & gas stocks.

Market started the day gap-up and extended the gains amid mixed global cues, but selling at higher level erased the intraday gains in the afternoon session, however, buying in the last hour of trade helped the indices to close the day in the positive territory.

At close, the Sensex was up 142.81 points or 0.24% at 59,744.65, and the Nifty was up 66.80 points or 0.38% at 17,812.70.

For the week, BSE Sensex and Nifty50 added 2.5 percent and 2.6 percent, respectively.

“Domestic equity markets started 2022 on a strong note with majority indices moving in the north direction this week. Despite rising covid cases in India and globally, the markets moved higher as the severity of Omicron variant seems to low. BSE 30 and NSE 50 index inched up by 2.6% each during the week,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

“After witnessing correction in recent weeks, BSE Bankex index staged a strong comeback with returns of 6.5% in this week. Defensives like BSE IT and BSE Healthcare gave negative returns during the week.”

“FII