The Indian equity benchmarks traded higher in opening deals on Tuesday taking cues from the global markets. Asian shares climbed as Japan's Nikkei gained 0.60 per cent, South Korea's KOSPI moved 0.26 per cent higher and Hong Kong's Hang Seng Index rose 0.39 per cent. Overnight, the U.S. Nasdaq index jumped 1.31 per cent, the Dow Jones Industrial Average rose 0.27 per cent and the S&P 500 climbed 0.71 per cent.
Crude oil rates dropped today as Ukraine and Russia headed for peace talks and on fears of a drop in fuel demand in China after the financial hub of Shanghai shut down to curb a Covid-19 surge. Brent crude futures were trading down $1.18, or 1.1 per cent, at $111.30 a barrel.
Trends on the Nifty Futures on Singapore Exchange (SGX Nifty) also indicated a gap up start for the domestic indices.
The 30-share BSE Sensex jumped 286 points or 0.50 per cent to 57,880, while the broader NSE Nifty moved 80 points or 0.46 per cent up to 17,302.
Mid- and small-cap shares were trading on a positive note as Nifty Midcap 100 moved 0.64 up and small-cap shares surged 0.66 per cent.
12 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Nifty Consumer Durables and Nifty Auto were outperforming the index by rising as much as 0.82 per cent and 0.78 per cent, respectively.
On the stock-specific front, SBI Life was the top Nifty gainer as the stock soared 2.33 per cent to Rs 1,100. HDFC, Asian Paints, Bharti Airtel and Tata Motors were also among the gainers.
The overall market breadth stood positive as 1,796 shares were advancing while 787 were declining on BSE.
On the 30-share BSE index, HDFC, Asian Paints, UltraTech Cement, Airtel, Maruti and ICICI Bank were among the top gainers.
In contrast, ITC, Tata Steel, NTPC, Bajaj Finserv and Nestle India were trading in the red.
Sensex had climbed 231 points or 0.40 per cent to close at 57,593 on Monday, while Nifty had moved 69 points or 0.40 per cent higher to settle at 17,222.