Domestic stock markets started Tuesday's session on a higher note, shrugging off continued weakness in Asian peers on renewed concerns about the US-China trade conflict. The S&P BSE Sensex jumped as much as 235.2 points to 38,835.54 in early trade while the NSE Nifty moved to 11,657.05, up 58.8 points from the previous close. Advances in banking, FMCG and metal stocks supported the upmove in the markets, however weakness in energy shares kept the gains in check.
At 9:30 am, the Sensex traded 171.79 points - or 0.45 per cent - higher at 38,772.13, while the Nifty was up 40.20 points - or 0.35 per cent - at 11,638.45.
Top gainers on the 50-scrip benchmark index at the time were Britannia, Vedanta, Bharti Infratel and Hindalco, trading between 1.31 per cent and 1.78 per cent higher.
HDFC Bank, ICICI Bank and TCS were the top contributors to the advances on Sensex.
Equities in other Asian markets wallowed near five-week lows after US President Donald Trump's statement on raising tariffs reignited worries about US-China trade tensions.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped as much as 0.2 per cent to a five-week low marked on Monday. Japan's Nikkei shed 1.1 per cent, taking a delayed hit after the country's financial markets opened after a 10-day market break.
US stock futures for the S&P 500 declined as much as 0.7 per cent in Asia on Tuesday as top US trade officials said China had backtracked on commitments in trade talks.
On Monday, domestic equity benchmarks Sensex and Nifty had registered their worst day in two weeks. The Sensex finished 0.93 per cent lower while the Nifty declined 0.97 per cent on Monday.
(With inputs from Reuters)