Information technology and energy firms drove Indian shares higher on Tuesday, tracking upbeat global risk sentiment in the absence of major domestic triggers as investors shrugged off worries over the Omicron COVID-19 variant.
"IT will continue to be at premium valuation. It is the most stable segment and the story they have about digitalisation is going to improve over the coming years. They are defensive in nature and a very safe sector in terms of volatility," Nair said.
India's benchmark indexes are still off by more than 7% from a peak touched in October, pressured by a combination of factors including fears over heated valuation and a surge in Omicron cases globally. Authorities in Britain and France, however, have held off from imposing tough restrictions on movement, betting that high vaccination rates will stop hospitals from being overwhelmed even as cases surge.
Asian shares gained on Tuesday, cruising in the slipstream of another record-setting day on Wall Street amid strong retail sales figures.was listed at a 53.7% premium in its Mumbai market debut, compared with an initial public offering price of 274 rupees.Reporting by Nallur Sethuraman in Bengaluru; Editing by Devika SyamnathSubscribe for our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox.
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