Domestic stock markets started Tuesday's session on a positive note amid gains across sectors, tracking global equities which moved higher on hopes of a recovery in global economy from the sweeping impact of the coronavirus crisis. The S&P BSE Sensex index rose as much as 0.71 per cent - or 248.21 points - to 35,209.73 in the first few minutes of trade, after starting the session up 206.78 points at 35,168.30. The broader NSE Nifty 50 benchmark climbed to as high as 10,394.15, having started the day stronger at 10,382.60 compared to its previous close of 10,312.40.
Gains across most sectors - led by banking, automobile, metal and energy shares - pushed the markets higher, however losses in IT shares limited the upside.
At 9:55 am, the Sensex traded 188.96 points - or 0.53 per cent - higher at 35,145.48 while the Nifty was up 59.65 points - or 0.56 per cent - at 10,369.95.
Forty six stocks in the 50-scrip Nifty basket moved higher at the time. Top percentage gainers were Tata Steel, UPL, Hindalco, Hero MotoCorp and JSW Steel, trading between 1.65 per cent and 3.65 per cent higher. Tats Steel soared by more than 4 per cent to Rs 335 to top the gainers list on the NSE post its Q4 numbers. The company posted a consolidated net loss of Rs 1,095.68 crore for the quarter ended March 31, compared with a net profit of Rs 2,430.92 crore in the corresponding quarter last year on account of the impact of Covid19 and the subsequent losses.
Reliance Industries, ICICI Bank and HDFC were the top contributors to the gain in Sensex.
On the other hand, select information technology stocks bucked the trend, with TCS and Infosys losing around a per cent each on the NSE. Sun Pharma, Gail and HDFC Bank were the other significant losers on the NSE.
Equities in Asian shares rose after data showed China's manufacturing sector grew more than expected in June, with MSCI's broadest index of Asia Pacific shares outside Japan last seen trading 0.74 per cent higher and Japan's Nikkei 225 benchmark soaring 1.76 per cent.
While China's Shanghai Composite index was up 0.47 per cent at the time, Hong Kong's Hang Seng and South Korea's KOSPI barometers were up 0.82 per cent and 1.37 per cent respectively.
On Monday, the Sensex had ended 209.75 points - or 0.60 per cent - lower at 34,961.52, and the Nifty settled at 10,312.40, down 70.60 points - or 0.68 per cent - from its previous close.