Indices gain for the second consecutive session; Sensex gains 611 points

The benchmark indices gained for the second consecutive session amid vaccine efficacy hopes and value buying. The benchmark Sensex opened higher and surged in the last 30 minutes of trade. The Sensex ended the session at 56,930, a gain of 611 points, or 1.09 per cent. The Nifty, on the other hand, ended the session at 16,955, a gain of 184 points, or 1.1 per cent. 

Markets were battered in the past week and on Monday on a host of concerns, including rising Omicron cases and the hawkish stance of central banks that have prioritised fighting inflation over monetary policy support.

The sustained selling by foreign portfolio investors on valuation concerns had also weighed on investor sentiment. But sentiments boosted this week after Moderna’s statement that a booster dose of its Covid vaccine appeared protective against the Omi­cron variant.