Both the domestic indices pared more than half of their respective gains from the day’s highest levels.
New Delhi: The Indian equity benchmarks traded higher on Tuesday led by gains in IT and metal stocks following a positive trend in global markets. The benchmark BSE Sensex rose 497 points or 0.89 per cent to close at 56,319; while the broader NSE Nifty moved 157 points or 0.94 per cent up to settle at 16,771. Both the domestic indices pared more than half of their respective gains from the day’s highest levels.
Mid- and small-cap shares jumped as Nifty Midcap 100 index climbed 1.28 per cent and Nifty Smallcap 100 index surged 1.25 per cent.
On the stock-specific front, HCL Tech stood as the top Nifty gainer as the stock soared 4.32 per cent to Rs 1,210. Shares of Wipro, Adani Ports, UPL Ltd and Tata Steel also witnessed major gains.
On the flipside, PowerGrid, Axis Bank, Bajaj Finance and Cipla fell as much as 1.74 per cent.
14 out of 15 sector gauges — compiled by the National Stock Exchange — settled in green. Nifty PSU Bank ended flat.
On the BSE platform, HCL Tech, Wipro, Tata Steel, UltraTech Cement, Tech Mahindra and Titan attracted the most gains with their shares rising as much as 4.30 per cent.
The overall market breadth stood positive as 2,287 shares advanced while 1,031 declined on BSE.
Global shares gained as investors weighed up the extent to which the Omicron coronavirus variant would hit economies around the world, with the US dollar softening as appetite for riskier assets made a cautious return.
The broader Euro STOXX 600 rose as much as 1.1 per cent, German DAX’s added 0.8 per cent, with London’s FTSE climbing 0.9 per cent.
“There are concerns regarding higher valuations. Steep corrections make valuations comfortable and we will see these kinds of pullbacks more often,” Siddharth Khemka, head of retail research at Motilal Oswal Securities, told news agency Reuters.
“Foreign institutional investors’ portfolio allocations have seen sharp outperformance. They will have to realign their portfolios and that’s what we are seeing right now,” Mr Khemka added.
Investors have also been keeping a tab on the spread of the Omicron variant and associated restrictions, analysts said.
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