Value buying lifts equities, Sensex up over 400 pts

Mumbai, Dec 21 Value buying as well as positive global cues aided India's equity market to maintain healthy gains during the late-hour trade session on Tuesday.

Both the key equity indices had a gap up opening in line with other Asian markets.

However, in the post-noon session, the indices started to correct mildly.

Globally, Asian markets closed higher while European markets are mildly positive.

On the domestic front, volumes on the NSE was a little below recent average.

Among sectoral indices, Metals, Consumer Durables and IT gained the most.

At 3.00 p.m., the S&P BSE Sensex traded at 56,284.31 points, up 0.83 per cent.

Besides, the broader 50-scrip Nifty at National Stock Exchange (NSE) rose to 16,760.90 points, up 0.88 per cent from its previous close.

"Investors are hoping that vaccines can help tame the omicron variant outbreak and that US President Joe Biden could yet revive his $2 trillion economic agenda," said Deepak Jasani, Head of Retail Research, HDFC Securities.

According to Gaurav Garg, Head of Research, CapitalVia Global Research: "Indian equity benchmarks cut some of their gains amid rising Omicron fears among traders. Bearish sentiment biting deeper into the global markets with the central bank monetary policies to tighten the money supply in the economy."

"Market participants showed more optimism towards pharma stocks as the Omicron virus running riots."

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