Markets defy Omicron worries, rise for second straight session

Rupee falls 9 paise to close at 75.00 against US dollar

MUMBAI: The BSE Sensex defied gravity for the second straight session on Thursday, buoyed by across-the-board buying despite largely negative cues from global peers amid concerns over the Omicron strain of the Coronavirus.

Equity investors became richer by over Rs 5.35 lakh crore in two days of market rally.

Building on a positive opening, the 30-share equity benchmark soared 776.50 points or 1.35 per cent to finish at 58,461.29.

On similar lines, the NSE Nifty surged 234.75 points or 1.37 per cent to 17,401.65.

HDFC was the top performer among the Sensex constituents, climbing 3.92 per cent, followed by PowerGrid, Sun Pharma, Tata Steel, Tech Mahindra, HCL Tech and Bajaj Auto.

Only three counters closed in the red — ICICI Bank, Axis Bank and UltraTech Cement, dipping up to 0.78 per cent.

All sectoral indices ended on a positive note, with BSE utilities, power, IT, teck, oil and gas, metal and finance indices advancing as much as 2.21 per cent.

Broader BSE midcap and smallcap indices jumped up to 1.12 per cent.

Wall Street led global markets lower after the US reported its first case of the Omicron variant as more countries imposed travel restrictions.

In Asia, bourses in Shanghai and Tokyo closed with losses, while Hong Kong and Seoul rose.

Stock exchanges in Europe were trading with losses in the afternoon session.

International oil benchmark Brent crude rose 2.41 per cent to $70.53 per barrel.

The rupee on Thursday slipped 9 paise to close at 75.00 against the US dollar as investor concerns grew over Omicron’s impact on the economy.

Foreign institutional investors remained net sellers in the capital market on Wednesday, as they offloaded shares worth Rs 2,765.84 crore, as per exchange data.