The BSE benchmark Sensex on Tuesday spurted over 400 points led by gains in metal, oil and gas, banking and energy stocks amid unabated buying by foreign investors and strong global cues. The 30-share BSE gauge settled 481.56 points, or 1.30 per cent, higher at 37,535.66. Similarly, The broader NSE Nifty reclaimed the psychological 11,300-level and closed with gains of 133.15 points, or 1.19 per cent, at 11,301.20.
Top gainers in early trade include PowerGrid, NTPC, RIL, L&T, ICICI Bank, Tata Motors, HCL Tech and Vedanta, rising over 2.60 per cent.
In the Sensex pack, Bharti Airtel was the top performer, surging 4.61 per cent in the end. Other gainers included ICICI Bank, IndusInd Bank, L&T, Sun Pharma, RIL, HDFC duo, Tata Motors and M&M—climbing up to 3.69 per cent.
Bucking the overall trend, Bajaj Finance, ONGC, NTPC, Coal India, Yes Bank, Bajaj Auto, SBI and Hero MotoCorp fell as much as 1.13 per cent.
On a net basis, foreign institutional investors (FIIs) bought shares worth a net of Rs 3,810.60 crore on Monday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 1,955.55 crore, provisional data available with BSE showed.
Meanwhile, the market breadth on Tuesday was tilted in favour of buyers as 1,653 stocks advanced and 1,067 declined.
“Market continued the bullish rally as investors are expecting the formation of a stable government at the Centre. The rally was broad-based across all sectors barring IT,” Vinod Nair, Head of Research, Geojit Financial Services Ltd, said.
"Since many stocks are available at cheap valuation, investors are rushing to high quality mid and small caps to participate in the pre-election rally," he said, adding that market is also awaiting CPI inflation data, scheduled for release later in the day.
Elsewhere in Asia, Hong Kong's Hang Seng rose 1.37 per cent, Shanghai Composite Index jumped 1.61 per cent higher, Kospi was up 0.84 per cent, and Japan's Nikkei gained 1.88 per cent in early trade.
On Wall Street, Dow Jones Industrial Average ended 0.79 per cent higher on Monday. The rupee, meanwhile, was appreciated 22 paise against US dollar to 69.67. The benchmark Brent crude futures rose 0.38 per cent to USD 66.83 per barrel.