Stock market made a great comeback from lower levels due to buying in pharma stocks

Stock Market Opening: After Friday’s heavy fall, the market opened flat on Monday morning, but within a few minutes, profit-booking returned in the market, due to which the market fell. The Sensex fell by 725 points to break the 57,000 mark and fell to 56,382 points. Nifty also fell below the figure of 17,000 and fell by 244 points to 16,782 points.

However, both the indices have bounced back on the back of buying from the lower levels. At present, the Sensex is trading at 57,113 points with a fall of 6 points, while the Nifty is trading at 17,004 with a fall of 22 points.

Buying Healthcare Stocks

Buying is being seen in Pharma, Healthcare Metals Stocks in the market. DR lal PathLab 4.40%, Pfizer 3.67% Torrent Pharma 2.27% Dr Reddys Labs is trading with a gain of 2.14%. Reliance Industries is trading at Rs 2481 with a rise of 2.81 percent due to prepaid tariff hike. At the same time, IndusInd Bank and HCL Tech are also trading in the green mark. On the other hand, Adani Ports, HDFC, Hero Motocorp, Tata Power are trading with a decline.

Good signs from SGX Nifty

In the morning, investors took a sigh of relief from the signals they are getting from SGX Nifty which is trading in green mark. SGX Nifty is trading at 17,148 points with a gain of 106 points.

Mixed trend of Asian market

Compared to Friday, the Asian market is trading moderately on the first trading day of the week. Taiwan’s index is trading with a gain of 9 points. Whereas Shanghai is down by 11 points, Nikkei is trading with a fall of 5 points. Whereas on Friday, a huge decline was also seen in these markets.

FPI purchases in November

Even though there is a decline in the stock market, Foreign Portfolio Investors (FPI) have bought shares worth Rs 5319 crore in the Indian equity market in November. Whereas in October, FPIs sold shares worth Rs 12,437 crore.

Market scared of Omicron variant

On Friday, due to the discovery of a new variant of the corona virus in South Africa, the stock markets around the world had collapsed. WHO has named this variant as Omicron. Due to this new variant, Friday proved to be Black Friday for the Indian stock markets due to the fear of lockdown of countries around the world. The Sensex was down 1687 points at 57,107 and the Nifty was down 510 points at 17,026.

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