Benchmark indices roar back as risk appetite improves globally

Strong GDP growth, PMI manufacturing, GST collection data, and oversold market spur activity

The benchmark indices rallied along with their global peers as risk sentiment improved following a sharp correction triggered by concerns around the Omicron variant and US Federal Reserve Chairman Jerome Powell’s hawkish commentary.

The markets were propelled by a combination of a buy-on-dips strategy and optimism on the back of macroeconomic data released over the last two days, said experts.

The S&P BSE Sensex opened higher despite a sharp correction in the US markets overnight. It ended the session at 57,684, a gain of 620 points or 1.09 per cent. The Nifty, on the other hand, rose 183 points to end the