MUMBAI :
Shares witnessed a robust rebound on Tuesday, a day after traders have been hit by a bruising sell-off triggered by mounting fears of the fast-spreading Omicron variant of the covid-19 virus.
The BSE Sensex rose 0.89% to finish buying and selling at 56,319, whereas the Nationwide Inventory Alternate’s Nifty gained 0.94% to 16,770.85. In the course of the day, the 2 indices hit highs of 56,900.74 and 16,936.40, respectively, earlier than paring among the features later.
Shopping for in metallic and data know-how shares helped the market keep features, mentioned Mohit Nigam, head of portfolio administration companies at Hem Securities.
Native shares adopted cues elsewhere in Asia, the place inventory indices rose, shrugging off the sell-off seen within the earlier session. Japan’s Nikkei surged 2.08% on Tuesday, whereas Cling Seng and Shanghai Composite closed with features of 1% and 0.88%, respectively. “Asian shares have been principally increased on Tuesday after a worldwide stoop for monetary markets spurred by worries about how badly the Omicron variant, inflation and different forces will hit economies. European shares rebounded on Tuesday after a brutal sell-off within the earlier session, with a leap in commodity shares offsetting considerations about Omicron,” mentioned Deepak Jasani, head of retail analysis at HDFC Securities.
The broader Euro STOXX 600 rose as a lot as 1.1% on Tuesday, with Germany DAX’s including 1% and London’s FTSE climbing 0.9%. “The constructive takeaway from immediately’s buying and selling session was that Nifty rebounded sharply increased as greenback dipped, the US Treasury yields stabilized and, most significantly, regardless of Omicron variant fears persevering with to loom,” mentioned Prashant Tapse, vice-president (analysis) at Mehta Equities Ltd.
“In a number of weeks, we’ve gone from warning to scepticism, to panic and again to optimism. However, digging deeper, feelings are prone to be the secret,” he added.
Reuters contributed to the story.
Supply: Live Mint