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Mkts further gain ground on positive global cues

Sensex, Nifty up for 2nd session; RIL leads charge; Undertone cautious amid looming Omicron

Markets open on a negative note

Markets open on a negative note

Broad-based Rebound

-BSE Sensex rallied 611.55 pts to 56,930.56

- NSE Nifty jumped 184.60 pts to 16,955.45

- All sectoral indices ended on a positive note

- Bajaj Finance top gainer in Sensex pack

- Airtel, Sun Pharma, RIL, SBI, L&T and Tata Steel gained

- Only 3 index components finished lower

- Wipro, ITC and Nestle India in the red

Mumbai: Equity benchmarks darted up for the second session on the trot on Wednesday, mirroring a rebound in world stocks despite the looming threat of the Omicron variant. A sustained recovery in the rupee, which advanced for the fifth straight day, further boosted sentiment, traders said.

The 30-share BSE Sensex rallied 611.55 points or 1.09 per cent to end at 56,930.56. Similarly, the broader NSE Nifty jumped 184.60 points or 1.10 per cent to 16,955.45.

"Domestic market is gaining ground amid a positive rebound in the global market. The rebound was broad-based, while mid and small-caps outperformed as the bargain opportunity led investors to accumulate the beaten-down stocks. The Omicron concerns and FIIs' selling may keep investors in a cautious mode. It is a time for selective stock picking with a focus on defensive and growth-oriented sectors rather than rushing to the market," said Vinod Nair, head (research) at Geojit Financial Services.

Ajit Mishra, V-P (research), Religare Broking, adds: "Participants should approach the market with caution at this point of time. Nifty may extend this rebound and the zone closer to 17,150 would now act as a hurdle. Importantly, the participation of the banking index is critical for any sustained move, while other sectors are doing their bit.

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