I wanted to do the sigma enclosures in the below shown equation correctly. Actually this is also expectation symbol, right? I don't know it's name.

I wanted to do the sigma enclosures in the below shown equation correctly. Actually this is also expectation symbol, right? I don't know it's name.

A mathtools solution:
\documentclass{article}
\usepackage{mathtools}
\DeclarePairedDelimiter\ExpValue{\langle}{\rangle}
\newcommand*\diff{\mathop{}\!\mathit{d}}
\begin{document}
\begin{equation}
\ExpValue*{\sigma_{N}^{2}}
= \int_{-\infty}^{\infty} \diff\sigma P(\sigma)\sigma^{2}
\simeq \delta_{k}\sum_{i = 1}^{k} P(\sigma_{k})\sigma_{k}^{2}
\end{equation}
\end{document}

Note that with the starred version of \ExpValue, ther delimiters will scale automatically.
P.S. Are you sure that \simeq shouldn't be \approx? (I'm not sure...)
Reproduced equation:
\documentclass[varwidth]{standalone}
\begin{document}
\[
\langle\sigma_{N}^{2}\rangle =
\int_{-\infty}^{\infty}\mathrm{d}\sigma P(\sigma)\sigma^{2} \simeq
\delta_{k}\sum_{i=1}^{k} P(\sigma_{k})\sigma_{k}^{2}
\]
\end{document}

$$ in a LaTeX document to initiate and terminate display-math mode. For more information, see the postings Why is \[ ... \] preferable to $$ ... $$? and What are the differences between $$, \[, align, equation and displaymath?
– Mico
Aug 16 '14 at 13:52
If you are typing lot of physics, then you may consider using physics package. It provides lot of goodies including \expval
\documentclass{article}
\usepackage{physics}
\begin{document}
\[
\expval{\sigma_{N}^{2}} =
\int_{-\infty}^{\infty}\mathrm{d}\sigma P(\sigma)\sigma^{2} \simeq
\delta_{k}\sum_{i=1}^{k} P(\sigma_{k})\sigma_{k}^{2}
\]
\[
\expval{A}{\Psi} \quad \ev{A}{\Psi} \quad
\]
\end{document}

\langle, \rangle? – percusse Aug 16 '14 at 13:43