Sensex, Nifty Edge Higher; Shares On Track For Best Year Since 2017

Sensex, Nifty Updates: By 12:26 pm, the NSE Nifty 50 index gained 0.95 per cent or 163.95 points to 17,367and the benchmark S&P BSE Sensex rose 490.12 points 0.85 per cent to 58,284.44.

Shares were set on Friday for their best year since 2017, driven by an economic recovery from the pandemic-fuelled slump and massive liquidity, even as a raging new COVID-19 variant and valuation concerns kept investors cautious towards the year-end.

By 12:26 pm, the NSE Nifty 50 index gained 0.95 per cent or 163.95 points to 17,367 and the benchmark S&P BSE Sensex rose 490.12 points 0.85 per cent to 58,284.44. The NSE and BSE indexes were up 24 per cent and 21 per cent, respectively, for the year.

"Markets have embraced possibility of rate hikes, and with the new variant, there is a general feeling that we may not hit a panic scenario like we did last year, though we might see a short span of pain," said Anand James, chief market strategist at Geojit Financial Services.

"Going ahead, investors might shift position ahead of the budget session and earnings from IT companies. In anticipation of these two events, people are not letting go of their winnings outright and this is allowing markets to hold on to gains as we wrap up the year."