Financial indices NIFTY 50 and NIFTY Bank have performed well today. Both have increased at 0.5% with Tata Steel as the top gainer. BSE Sensex gains 327 points as metal stocks rise above. The metal market rose by 3% and the realty market grew by 1%.
“Investors welcomed the new year on a high note with data showing strengthening domestic business conditions. India’s manufacturing PMI rose to 57.8 in December from 55.7 in the previous month, with new orders rising at the fastest pace since February 2021.”
-Vinod Nair, Head of Research at Geojit Financial Services.
China increasing export duties on metal products led to a rise in metal stocks, as it indicated increased demand for metal within the country.