Financials and Metals Lead Rally in Markets; US Expected to Open Quiet

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Financials and Metals Lead Rally in Markets; US Expected to Open Quiet

By Aditya Raghunath -- Financials and metals led the rally in stock markets today as Nifty 50 and the BSE Sensex 30 closing up 1% and 1.06% respectively.

Nifty Bank closed up 1.74%. AXIS Bank Ltd (NS: AXBK ), up 4.19% led the gainer's list on Nifty followed by JSW Steel Ltd (NS: JSTL ) (up 3.4%), UltraTech Cement Ltd (NS: ULTC ) (up 3.33%) and ICICI Bank Ltd (NS: ICBK ) (up 3.29%). The metal index gained 2.01% with Steel Authority of India Ltd. (NS: SAIL ) gaining the most at 8.06%. Vedanta Ltd (NS: VDAN ) also gained 3.84% after the government gave it permission to open up its plant in Tamil Nadu (NS: TNNP ), albeit only for the purpose of manufacturing oxygen.

Mumbai’s COVID numbers have shown significant improvement and the government has approved multiple vaccines for the country. It has also helped that many countries are sending help to India. Both these factors have boosted sentiment.

In Asia, Nikkei 225 and KOSPI 50 gained 0.36% and 0.99% while the Shanghai Composite closed flat. In Europe, FTSE 100 and Lyxor UCITS CAC 40 (DR) D-EUR (PA: CAC ) are trading flat while DAX is down 0.2%.

Tesla Inc (NASDAQ: TSLA )is expected to report a 66% rise in revenue after the close, but stocks are seen opening quietly ahead of megacap tech earnings and the Federal Reserve meeting later this week. Dow Jones 30 Futures and S&P 500 Futures are trading flat ahead of the market opening while Nasdaq 100 Futures are down 0.33%.

Crude oil has fallen below $62 levels and is now at $61.2.

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