The Indian equity benchmarks edged higher on Tuesday led by gains in HDFC, Asian Paints, Infosys, Tata Consultancy Services and HDFC Bank defying negative cues from other Asian markets. The Sensex rose as much as 247 points to hit an intraday high of 53,197.88 and Nifty 50 index briefly moved above its important psychological level of 15,950. Asian stocks slipped on Tuesday, as the Delta coronavirus variant spread in key markets in the region and put Chinese authorities on high alert, rattling investor confidence.
The market sentiment turned bullish after government data showed that Goods and Services Tax (GST) collections for July 2021 came in at Rs 1.16 lakh crore, 33 per cent more than the corresponding period of last year.
As of 9:21 am, the Sensex was up 234 points at 53,185 and Nifty 50 index climbed 47 points to 15,932.
Foreign institutional investors sold shares worth Rs 1,539.88 crore on Monday while domestic institutional investors bought shares worth Rs 1,505.82 crore.
Meanwhile, buying was visible across the board as all the 11 sector gauges, barring the index of media shares, were trading higher led by the Nifty Realty index's nearly 1 per cent gain. Auto, Financial Services, FMCG, IT and Pharma indexes also rose around 0.5 per cent each.
Broader markets were trading largely in-line with their larger peers as Nifty Midcap 100 and Nifty Smallcap 100 indices rose around 0.3 per cent each.
Titan was among the top Nifty gainers, the stock rose 2.5 per cent to 1,816 ahead of its June quarter earnings due later in the day. Tata Motors advanced 1.3 per cent to Rs 310 after it increased prices of its passenger vehicles with effect from today.
Sun Pharma, Asian Paints, HDFC, Adani Ports, Britannia Industries, Tech Mahindra, Tata Consultancy Services, Maruti Suzuki and Divi's Labs also rose between 0.7-2.5 per cent.
On the flipside, Grasim Industries, JSW Steel, HCL Technologies, ONGC, Bajaj Auto, Tata Steel, UPL, ICICI Bank, Coal India, Hindalco and Eicher Motors were among the losers.
The overall market breadth was positive as 1,758 shares were advancing while 883 were declining on the BSE.