The S&P BSE Sensex and NSE Nifty 50 indexes managed to close higher on Tuesday despite high volatility led by gains in Bharti Airtel, Hindustan Unilever, HDFC Bank, Bajaj Finance and Asian Paints. The benchmarks swung in wide range during the session as the Sensex and Nifty staged a gap up but gave up gains soon after. However, buying in metal, banking and capital goods shares lifted the benchmarks to the day's highest level in afternoon trading. The Sensex swung in a range of 685 points and Nifty touched an intraday high of 11,553.55 and low of 11,366.90.
The Sensex ended 273 points higher at 38,900.80 and Nifty 50 index advanced 83 points to close at 11,470.25.
Eight of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Metal index's over 3 per cent gain. Pharma, auto, financial services and realty shares also witnessed buying interest.
On the other hand, PSU banking, information technology and private banking stocks witnessed some selling pressure.
Mid- and small-cap indexes close don a mixed note as the Nifty Midcap 100 index rose nearly 1 per cent while Nifty Smallcap 100 index rose 0.3 per cent.
Bharti Airtel surged 8 per cent after the Supreme Court on Tuesday allowed telecom companies to clear their adjusted gross revenue (AGR)-related dues, amounting to about Rs 1.6 lakh crore, in a staggered manner spread over 10 years. While Vodafone Idea shares collapsed 13 per cent after the court's ruling.
JSW Steel, Hindalco, Asian Paints, Bajaj Finance, NTPC, Tata Steel, Cipla, State Bank of India and Bajaj Finserv also rose between 3-6 per cent.
On the flipside, Bharti Infratel, ONGC, Axis Bank, Adani Ports, Infosys, Tech Mahindra, Zee Entertainment, Indian Oil, Coal India, TCS and Bajaj Auto fell between 0.4-5 per cent.
The overall market breadth was marginally negative as 1,456 shares closed higher while 1,200 closed lower on the BSE.