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Benchmarks surge after two-day bloodbath, Sensex, Nifty surge by 886 & 264 points respectively
- IBJ Bureau
- Dec 07, 2021
Recovering from a two-session carnage, equity benchmark Sensex rebounded by 887 points on Tuesday. The gains in the benchmark index were driven by Sensex stocks ICICI Bank, HDFC twins and Infosys amid a positive trend in global markets.
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.
The 30-share BSE Sensex ended 886.51 points or 1.56 per cent higher at 57,633.65. Similarly, the broader NSE Nifty rallied 264.45 points or 1.56 per cent to 17,176.70.
Tata Steel was the top gainer in the Sensex pack, advancing nearly 4 per cent, followed by Axis Bank, ICICI Bank, Kotak Bank, SBI and Bajaj Finance. On the other hand, Asian Paints was the sole laggard.
“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,” said Arijit Malakar, the head of research (retail) of Ashika Stock Broking.
He further added that studies pertaining to the Omicron strain of COVID-19 had shown that it was largely milder than the Delta variant, and that provided some relief to global equity markets.
Additionally, the RBI was expected to keep the interest rates steady when the MPC would announce the outcome of its meeting on December 8, Mr Malakar added.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with gains.
Stock exchanges in Europe were also trading on a positive note in mid-session deals.
Meanwhile, international oil benchmark Brent crude rose by 2.26 per cent to $74.73 per barrel.