Domestic stock markets moved higher in early trade on Tuesday led by banking and financial services stocks, as investors around the globe cheered signs of progress in trade negotiations between the US and China. The S&P BSE Sensex index gained 168.93 points to touch 38,968.01 at the strongest level recorded in morning, shortly after opening up 149.38 points at 38,948.46. The broader NSE Nifty 50 benchmark climbed to as high as 11,516.60 50.15, having started the day stronger at 11,513.10 compared to its previous close of 11,466.45.
Gains across most sectors pushed the markets higher. At 9:22 am, the Sensex traded 172.76 points - or 0.45 per cent - higher at 38,971.84, while the Nifty was up 46.6 points - or 0.41 per cent - at 11,513.05.
In the Nifty basket of 50 shares, Eicher Motors, IndusInd Bank, SBI, Tata Motors and Axis Bank, trading between 1.40 per cent and 2.28 per cent higher, were the top gainers.
On the other hand, UltraTech Cement, Bharti Infratel, HCL Tech, Bajaj Auto and Nestle, down between 0.59 per cent and 0.78 per cent each, were the top Nifty losers.
ICICI Bank, HDFC and HDFC Bank were the biggest boosts to Sensex, together contributing 75 points to the gain in the index.
Shares elsewhere in Asia moved higher, extending gains after US regulators on Sunday authorised the use of blood plasma from recovered COVID-19 patients as a treatment option.
MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 0.29 per cent higher, while Japan's Nikkei 225 benchmark was up 1.71 per cent.
While China's Shanghai Composite index was up 0.15 per cent and South Korea's KOSPI gauge up 1.43 per cent, but Hong Kong's Hang Seng barometer was the outlier, down 0.18 per cent.
The E-Mini futures climbed up 0.47 per cent, indicating a positive start for US markets on Tuesday, a day after the benchmark S&P 500 index rose 1 per cent to a record close.
On Monday, the Sensex and Nifty closed just shy of their six-month highs, powered by a rally in private-sector banks as more businesses resumed operations after lockdowns.