The Indian equity benchmarks staged a gap up opening on Tuesday on the back of positive global cues led by gains in index heavyweights like Reliance Industries, Infosys, HDFC, ICICI Bank, HDFC Bank and State Bank of India. The Sensex rose as much as 434 points and Nifty 50 index touched an intraday high of 15,480.
As of 9:20 am, the Sensex was up 338 points at 51,936 and Nifty 50 index rose 120 points or 0.78 per cent to 15,470.
Asian stocks and U.S. share futures turned higher on Tuesday as the market took stock after a recent steep selloff, but concerns remain that aggressive central bank rate hikes to curtail inflation could spark a global recession.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.85 per cent in early trading, edging up from a more than five-week low hit the previous day.
Japan's benchmark Nikkei average opened up 1.1 per cent, and Nasdaq and S&P500 e-mini share futures each rose nearly 1.5 per cent.
Back home, buying was visible across the board as all the 15 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Media index's 2.7 per cent gain. Metal shares were witnessing a short-covering rally after facing massive selloff in last few sessions as the Nifty Metal index advanced 1.7 per cent. Nifty Pharma, PSU Bank, Realty, Healthcare, Consumer Durables, Oil & Gas, IT and Auto indices also rose over 1 per cent each.
Mid- and small-cap shares were also witnessing buying interest as Nifty Midcap 100 index rose 1.32 per cent and Nifty Smallcap 100 index advanced 1.74 per cent.
Tata Motors was top Nifty gainer, the stock rose 2.13 per cent to Rs 391. ONGC, Hindalco, Eicher Motors, Dr Reddy's Labs, Titan, Adani Ports, JSW Steel, Coal India, NTPC, Tata Consumer Products, Bajaj Finserv and HDFC Life also rose between 1-2 per cent.
On the flipside, Hindustan Unilever, Kotak Mahindra Bank, Bharat Petroleum and Asian Paints were among the losers in the Nifty 50 basket of shares.
The overall market breadth was extremely positive as 1,871 shares were advancing while 626 were declining on the BSE.