The Indian equity benchmark indices opened higher on Tuesday following positive trading cues from the Asian markets. The market had closed 2-4 percent lower on Monday.

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The Sensex opened 0.9 percent or 500 points higher at 56,320. And the Nifty50 index opened 160 points or 0.9 percent higher at 16,773. The broader market indices were trading higher too.

Bluechips leading the gains on the Nifty50 index were HCL Tech, Tata Steel, Hindalco, Wipro, and NTPC. Each scrip gained over 2 percent. Leading the losses were Hero Moto, Cipla, Eicher Motors, Axis Bank, HDFC.

Among sectors, IT, metals, pharma, auto and realty indices were under selling pressure, and private banks and FMCG indices were in the green. All the sectors opened in the green.

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Globally, Asian shares rose shrugging off a bruising Wall Street session, as Chinese markets cheered Beijing's push to help troubled property firms, although surging cases of the Omicron coronavirus variant persist as a worry for investors.

US stock indexes retreated more than 1 percent overnight as positive COVID-19 case counts rose and President Joe Biden's social spending and climate bill hit a significant setback. The negative mood brightened somewhat in early Asian hours with US stock futures up and some assets battered in Monday's selling finding buyers, although volumes were thin heading into end-of-year holidays.

MSCI's broadest index of Asia-Pacific shares outside Japan was up over half a percent and Japan's Nikkei rose nearly 2 percent. While the global shares rout appeared to pause, investors are still concerned about Omicron risks.

Oil prices started to recover from concerns the spread of the Omicron variant would crimp demand for fuel and signs of improving supply. US crude ticked up 0.7 percent to $69 a barrel. Brent crude rose to $71.9 per barrel.

(With inputs from Reuters)