Equity benchmark indices closed nearly 1 per cent higher on Tuesday in an extremely volatile session as investors weighed the impact of a new strain of Covid-19 on global economic recovery.
Fresh lockdowns in Britain and concerns over the near-term growth impact dampened investor sentiment worldwide. Indian markets, however, defied that trend.
The BSE S&P Sensex closed 453 points or 0.99 per cent higher at 46,007 while the Nifty 50 edged up by 138 points or 1.03 per cent to 13,466.
All sectoral indices at the National Stock Exchange were in the positive terrain with Nifty IT advancing by 3.3 per cent, pharma by 2.2 per cent, metal by 1.3 per cent and auto by 0.8 per cent.
Among stocks, HCL Technologies gained by 5.3 per cent to close at Rs 917 per share. Tech Mahindra was up by 4.1 per cent, Infosys by 3.6 per cent and Wipro by 2.9 per cent.
Adani Ports ticked up by 5.5 per cent to Rs 468.90 per share while Sun Pharma added gains of 2.6 per cent to wind up the day at Rs 566.90 per unit.
GAIL, Power Grid Corporation and Nestle India too close with gains of over 2.5 per cent.
Meanwhile, European stocks steadied in early trade after heavy losses a day earlier sparked by fears over a highly infectious new strain of Covid-19 as Washington approved an 892 billion dollar pandemic relief package.
But Asian shares slipped with Japan's Nikkei down by 1.04 per cent and Hang Seng by 1.03 per cent.
The new strain of coronavirus, said to be up to 70 per cent more transmissible than the original, caused travel chaos and raised the prospect of food shortages days before Britain is set to leave the European Union.
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