Indian markets ended the volatile session sharply higher on broad-based buying seen across board on Thursday. All sectoral indices ended up in green with power, oil & gas, metals, auto leading the space.
Equity markets opened flat but gained momentum throughout the session, despite weak global cues on account of Omicron concern. Domestic sentiments were positive on account of strong GDP data and GST collection.
At the close, the benchmark 30-share index, BSE Sensex gained 776.50 points or 1.35% at 58,461.29 with 9 components posting rise. Meanwhile, the broad based NSE Nifty climbed 234.75 points or 1.37% at 17,401.65 with 21 components registering rise.
Biggest gainers in the 30-share index were HDFC (3.92%), Power Grid Corporation of India (3.65%), Sun Pharma (3.11%), Tata Steel (2.80%), Tech Mahindra (2.60%) and HCL Technologies (2.55%).
On the other hand, ICICI Bank (0.78%), Axis Bank (0.55%) and Ultra Tech Cement (0.03%) were the major losers in the Sensex. Market breadth was positive with 2,185 advances against 1,065 declines.
Global cues were weak as worries mount over spread of Omicron variant to more than 23 countries including US. Hospitalization is on rise across South Africa, where the new variant was first discovered, and omicron is rapidly becoming the dominant variant there.
'Going ahead, we expect the market to continue with its volatility given the uncertainty around the new Omicron variant and Fed tapering. However sharp sell-off have made valuations comfortable and the strong domestics economic data points continue to point towards economic recovery thus keeping long term fundamentals intact. We would hence advise investors to buy in this volatility in staggered fashion to build long term portfolio. Technically, Nifty has formed a Bullish candle on daily scale and has been making higher lows from the last three sessions. Now it needs to continue to hold above 17,350 zones for an up move towards 17,500 and 17,777 zones whereas support can be seen at 17,150 and 17,000 zones,' said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
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