Benchmark indices were trading sharply higher in the afternoon session. Sensex ended 929 points higher at 59,183.22 and Nifty jumped 271.65 points to end at 17,625.70.
Earlier, Sensex opened 57 points higher at 58,662 and Nifty gains 33 points to 17,387. The rising number of Covid-19 and Omicron cases in India and the world will dictate the course of the stock market this year, say experts.
Indian equity indices enticed some more traction and added more points on the streets on the back of solid gains in financial shares and select index heavyweights. Traders remained optimistic after growth of eight core infrastructure industries grew 3.1 percent in November 2021 as against 1.1 percent contraction in the same month last year.
Sentiments were upbeat as the Finance Ministry said that Goods and Services Tax (GST) revenues grew 13 per cent to over Rs 1.29 lakh crore in December 2021, as compared to Rs 1.15 lakh crore GST revenues in the same month last year, mainly due to pickup in economic activity and anti-evasion steps.
On the technical front, Nifty managed to sustain above 17,600 levels. Immediate support and resistance in Nifty 50 are 17,400 and 18,000 respectively. Bank Nifty immediate support and resistance are 36000 and 37000 respectively.