BENGALURU: Indian shares closed higher on Tuesday, boosted by technology and auto stocks, as investors mirrored positive trends in global markets and shrugged off worries around the Omicron variant of the coronavirus. The NSE Nifty 50 index ended up 0.86% at 17,233.25 and the benchmark S&P BSE Sensex rose 0.83% to 57,897.48.
The Nifty auto index rose 1.3%, while IT (information technology) stocks added 0.97%.
“IT will continue to be at a premium valuation. It is the most stable segment and the story they have about digitalisation is going to improve over the coming years. They are defensive in nature and a very safe sector in terms of volatility,” Vinod Nair, head of research at Geojit Financial Services, said.
Indian benchmark indexes are still off by nearly 7% from a peak touched in October, pressured by a combination of factors, including fears over heated valuations and a surge in Omicron cases globally. The country approved this week Merck’s COVID-19 pill and two more vaccines for emergency use, as it braces for a possible spike in infections from the highly infectious strain.
In global markets, shares in Europe and Asia inched up, on Tuesday, helped by another record-setting day on Wall Street.
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