The Indian equity benchmarks rallied for second straight session on Tuesday led by gains in information technology and auto shares like Tata Motors, Mahindra & Mahindra, Infosys, Wipro, HCL Technologies and Tata Consultancy Services. The benchmarks staged a gap up opening however some profit taking in noon deals led to benchmarks coming off intraday highs. However, late buying in banking shares led to the Sensex and Nifty close near day's highs. The Sensex rose as much as 590 points and Nifty 50 index touched an intraday high of 14,957 before hitting a low of 14,761.
The Sensex ended 447 points or 0.9 per cent higher at 50,297 and Nifty 50 index climbed 158 points or 1.07 per cent to settle at 14,919.
Tata Motors was top Nifty gainer, the stock rose over 5 per cent to close at Rs 345. Mahindra & Mahindra, Wipro, Adani Ports, Hero MotoCorp, NTPC, Bajaj Auto, Tech Mahindra, Bharat Petroleum, Infosys, TCS and Maruti Suzuki also advanced between 3-4.7 per cent.
On the flipside, ONGC, HDFC, Dr Reddy's Labs, Power Grid, Coal India and State Bank of India were among the notable losers.
All the 19 sector gauges compiled by the BSE ended higher led by the S&P BSE Auto index's over 3 per cent gain. IT, Utilities, Power, Capital Goods, Telecom, FMCG and Consumer Discretionary Goods & Services stocks also witnessed buying interest.
Mid- and small-cap shares outperformed their larger peers as the S&P BSE MidCap and S&P BSE SmallCap indexes gained over 1.5 per cent.
The overall market breadth was positive as 1,859 shares ended higher while 1,151 closed lower on the BSE.