NEW DELHI: Equity indices surged on Tuesday with the benchmark BSE sensex rising over 850 points led by gains across sectors as fears over the Omicron variant of coronavirus eased globally.
The 30-share BSE sensex jumped 887 points or 1.56 per cent to close at 57,634; while the broader NSE Nifty settled 264 points or 1.56 per cent higher at 17,177.
Tata Steel, Axis Bank, ICICI Bank, Kotak Bank and SBI were the top gainers in the sensex pack rising as much as 3.63 per cent.
While Asian Paints was the only stock that finished in red.
On the NSE platform, all sub-indices finished in green with Nifty Metal, Bank and Financial Services gaining up to 3.13 per cent.
According to experts, global equity markets are slightly relieved after studies pertaining to the Omicron strain of Covid-19 suggest that even though it is fast spreading, it is largely milder than the Delta variant.
Global stock markets followed Wall Street as anxiety about the coronavirus's latest variant eased and China reported stronger November trade figures than expected.
London and Frankfurt opened higher. While Shanghai, Tokyo and Hong Kong advanced. Oil prices rose more than $1 a barrel for a second day.
"Markets rebounded sharply after two days of the selloff on account of positive global cues. Investors are following the buy-on dip strategy and thus accumulating quality stocks at a cheaper price," Arijit Malakar, head research (retail) of Ashika Stock Broking told news agency PTI.
Further, he said studies pertaining to the Omicron strain of Covid-19 have shown that it is largely milder than the Delta variant and that provides some relief to global equity markets.
Additionally, the Reserve Bank of India (RBI) is expected to keep the interest rates steady when the MPC will announce the outcome of its meeting on December 8, Malakar added.
(With inputs from agencies)
