New Delhi: The Indian equity indices staged a gap up opening on Tuesday led by gains in information technology shares after a steep fall in the previous session. As of 9:25 am, the benchmark BSE Sensex jumped 516 points or 0.92 per cent to 56,922; while the broader NSE Nifty surged 134 points or 0.80 per cent to 16,977.
Asian shares, however, dropped as investors contemplated the implications of a potential imminent Russian invasion of Ukraine. The United States has warned that Russia could soon invade Ukraine.
Also, global indices have been in convulsions since an alarmingly high U.S. inflation reading sparked speculation the Federal Reserve might raise rates in March.
Overnight, the Dow Jones Industrial Average fell 0.49 per cent, the S&P 500 lost 0.38 per cent and the Nasdaq Composite was essentially flat.
On the domestic front, January's retail inflation rate breached the 6 per cent upper tolerance limit of Reserve Bank of India (RBI) for the first time in seven months and the wholesale price index stayed in double-digits -- at 12.96 per cent -- for the 10th straight month.
Mid- and small-cap shares were trading on a positive note as Nifty Midcap 100 index edged 0.05 per cent higher and small-cap shares gained 0.29 per cent.
On the stock-specific front, Wipro was the top Nifty gainer as the stock soared 1.94 per cent to Rs 552.20. Tech Mahindra, Infosys, Shree Cements and Titan were also among the gainers.
In contrast, Cipla, Eicher Motors, BPCL, IndusInd Bank and Tata Steel were among the laggards.
On BSE, the overall market breadth was positive as 1,574 shares were advancing while 1,191 were declining.
On the 30-share BSE platform, TechM, Wipro, Titan, Infosys, Hindustan Unilever and Larsen and Toubro (L&T) attracted the most gains with their shares rising as much as 2.31 per cent.
Sensex had crashed 1,747 points or 3 per cent to close at 56,406 on Monday, while Nifty had settled 532 points or 3.06 per cent lower at 16,843.