Sensex, Nifty start 2022 on positive note; IT, power stocks rally

The Indian equity market started the year 2022 on a positive note on Monday, with the benchmark BSE Sensex rising about 340 points in opening trade on account of hectic buying in IT and power stocks.

Starting off the session confidently, the BSE gauge further strengthened its gains as the morning trade progressed and was trading at 58,593.26, showing a rise of 339.44 points or 0.58%.

Likewise, the NSE Nifty rose 108.90 points or 0.63% to trade at 17,462.95 in opening deals.

On the Sensex chart, TCS, Maruti, HCL Tech, L&T, Tech Mahindra and Wipro were among the prominent gainers.

In contrast, IndusInd Bank, M&M, Titan, Dr Reddy’s and HUL were trading in the red.

Sectorally, BSE auto, IT and Pharma indices were trading with significant gains.

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% higher at 58,253.82 and the Nifty ended 150.10 points or 0.87% up at 17,354.05.

On Friday, foreign institutional investors (FIIs) were net buyers in the capital market, as they purchased shares worth ₹575.39 crore, according to stock exchange data.

Elsewhere in Asia, bourses had mixed responses from participants on the first trading day of 2022.

Meanwhile, international oil benchmark Brent crude rose 0.69% to $78.24 per barrel.