The 30-scrip Sensitive Index (Sensex) gained in early trade session on Tuesday but soon gave up 900 points from day's high following Moderna CEO's remarks that the Covid vaccine will not be as effective against Omicron.
Soon, investors became cautiously optimistic though the health experts said the new Omicron variant might not cause a widespread global economic disruption to worsen the coronavirus pandemic.
Otherwise, Sensex was trading at 9.30 a.m. at 57,620 points, up 0.62 per cent. It opened at 57,272 points from the previous close of 57,260 points. Later, it touched a low of 57,252 points. Besides, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 17,055 points after closing at 17,053 on Monday.
It traded at 17,170 points, up 0.67 per cent during the early-morning trade session. Power Grid Corp, Tech Mahindra, Piramal Enterprises, DLF, and L&T Infotech were some of the top gainers during the early trade, exchange data showed.
"Continuous selling from FII's shows rising inflation risk and uncertainty regarding high valuations in Indian equities but it is a short term trend and is part of the normal cyclical nature of the Indian economy," said Mohit Nigam of Hem Securities.
(With inputs from IANS)