Sensex surges 477 pts, Nifty reclaims 17,200 amid global stocks rally

Equity benchmark Sensex rallied 477 points on Tuesday, tracking gains in index heavyweights Reliance Industries, Infosys and HDFC Bank amid a positive trend in global markets.

The 30-share index surged 477.24 points or 0.83 per cent to end at 57,897.48. Similarly, the Nifty rose by 147.20 points or 0.86 per cent to 17,233.45.

Asian Paints was the top gainer in the Sensex pack, rising nearly 3 per cent, followed by Sun Pharma, M&M, NTPC, UltraTech Cement and Titan.

On the other hand, IndusInd Bank and PowerGrid were the laggards.

The resilience of the US market (S&P 500 registered its 69th record high on Monday) and the spike in crude oil are indications that the Omicron variant, though surging, is unlikely to impact economic activity in any meaningful way, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended on a positive note. Stock exchanges in Europe were also largely trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 0.61 per cent to USD 78.70 per barrel.