Equity benchmark Sensex jumped over 500 points in early trade on Wednesday, tracking gains in index majors HDFC twins, Tata Steel and Reliance Industries amid positive cues from Asian markets.
The 30-share index was trading 515.05 points or 0.90 per cent higher at 57,579.92 in initial deals. Similarly, the Nifty rose 185.15 points or 1.09 per cent to 17,168.35.
IndusInd Bank was the top gainer in the Sensex pack, rising 3.21 per cent, followed by Tech Mahindra, HDFC, Tata Steel, SBI, Asian Paints and NTPC.
On the other hand, Dr Reddy’s and PowerGrid were among the losers.
In the previous session, the 30-share BSE index settled 195.71 points or 0.34 per cent lower at 57,064.87. Similarly, the NSE Nifty declined 70.75 points or 0.41 per cent to close below the 17,000-mark at 16,983.20.
Elsewhere in Asia, bourses in Tokyo, Hong Kong, Shanghai and Seoul were trading with gains in mid-session deals.
Stock exchanges in the US ended with losses in the overnight session.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the market direction is likely to be determined, in the short run, by news regarding the Omicron variant, according to a report in The Economic Times.
If it proves to be less worrisome as generally feared, the market may stage a strong comeback, since the risk appetite of retail investors and DIIs appear to be strong and valuations are becoming attractive in many segments like financials, he said.
In the same report, Mohit Nigam, Head - PMS, Hem Securities, said on the technical front, the key resistance levels for Nifty50 are 17,230 followed by 17,480. On the downside, 16,840 followed by 16,680 can act as strong support. Key resistance and support levels for Bank Nifty are 36,470 and 35,230, respectively.
Meanwhile, international oil benchmark Brent crude fell 3.91 per cent to $70.57 per barrel.
Foreign institutional investors (FIIs) remained net sellers in the capital market, as they sold shares worth Rs 5,445.25 crore on Tuesday, as per exchange data.
(With PTI Inputs)