Domestic stock markets moved higher on Tuesday led by buying interest in IT, energy and select financial shares. The S&P BSE Sensex index rose as much as 0.86 per cent - or 329.25 points - to touch 38,746.48 in afternoon deals, having recovered intraday weakness, and the broader NSE Nifty 50 benchmark jumped 0.72 per cent - or 82.2 points - to 11,437.25. However, selling pressure in metal and consumer goods shares kept the gain in check. (Track Sensex, Nifty LIVE)
At 12:53 pm, the Sensex traded 293.99 points - or 0.77 per cent - higher at 38,711.22, while the Nifty was up 74.75 points - or 0.66 per cent - at 11,429.80. Both indices had changed direction multiple times earlier in the session soon after a positive opening.
HCL Tech, Bharat Petroleum, Wipro, Infosys and Tech Mahindra, trading between 2.28 per cent and 3.53 per cent higher, were the best performers among the 22 gainers in the Nifty basket of 50 shares.
On the other hand, Bharti Infratel, Grasim, Tata Motors, Zee Entertainment and Shree Cement, trading between 1.35 per cent and 5.82 per cent lower, were the top Nifty losers.
Reliance Industries, Infosys and Tata Consultancy Services (TCS) were the biggest boosts to Sensex, together contributing more than 200 points to the gain in the index.
The Nifty Bank index - comprising stocks of 12 major lenders in the country - was up 0.39 per cent, having fluctuated between gains and losses earlier.
Late on Monday, the Reserve Bank of India (RBI) outlined guidelines for restructuring loans, as the banking sector braces for a surge in bad loans amid the COVID-19 crisis.
Asian shares and US stock futures regained some footing on Tuesday following a small bounce in European markets as investors looked to whether US tech shares could recover from their recent rout. MSCI's broadest index of Asia Pacific shares outside Japan recovered early weakness to move 0.31 per cent higher.
European shares started Tuesday's session on a mixed note, with the United Kingdom's FTSE benchmark index last seen trading 0.55 per cent higher. France's CAC and Germany's DAX indices were down 0.23 per cent and 0.16 per cent respectively.