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Sensex Up Over 700 Points; Nifty Nears 17,400

(RTTNews) – Indian shares opened sharply higher on Wednesday, with firm global cues offering some support ahead of the RBI policy meet later in the day.

Markets are divided on whether the central bank will hike the reverse repo rate or pause to see the impact of the Omicron Covid-19 variant on the domestic economy.

The S&P BSE Sensex rose as much as 710 points, or 1.2 percent, to 58,342 in early trade, with energy and IT stocks leading the surge.

The broader NSE Nifty index was up 202 points, or 1.2 percent, at 17,378 on optimism that the Omicron coronavirus strain won’t derail global growth.

ONGC, Tech Mahindra, HCL Technologies, Infosys and Wipro jumped 2-3 percent.

SpiceJet dropped 1.2 percent. The Madras Court has stayed its earlier order of winding up the airline.

Reliance Industries added 1.6 percent after it formed a $2 billion partnership with an Abu Dhabi chemical company.

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