Indices at day's high; Sensex surges over 1,700 points, Nifty above 8,500

Mumbai: Benchmark indices continued to extend the morning gains as Sensex soared 1639.51 points or 5.94 percent to 29,230.46 and Nifty was up 474 points or 5.86 percent at 8,557.80 at around 12.20 pm.

IndusInd Bank was the top gainer in the Sensex pack followed by Axis Bank and Mahindra & Mahindra.

On the other hand, Bajaj Finance was the sole loser.

Equity benchmark Sensex rallied over 1,300 points in early trade on Tuesday led gains in bank, IT and auto stocks amid recovery in global equities.

After hitting a high of 28,963.25, the 30-share BSE barometer was trading 1,127.57 points or 4.09 per cent higher at 28,718.52.

Similarly, the NSE Nifty soared 347.95 points, or 4.30 per cent, to 8,431.75.

Foreign institutional investors (FIIs) were net sellers in the capital market, as they offloaded equity shares worth Rs 1,960.97 crore, according to provisional exchange data.

Despite concerns over rising coronavirus cases in the country, domestic equities took positive cues from global stocks and turned positive, traders said.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul rallied up to 2 per cent.

Benchmark exchanges on Wall Street ended over 7 per cent in overnight trade.

Brent crude futures, the global oil benchmark, rose 2.66 per cent to USD 33.93 per barrel on fresh hopes an OPEC-led meeting this week will reach an agreement to reduce oversupply and shore up the market.

The number of covid-19 cases in India has stood at over 4,400 and the death toll was above 100, according to health ministry log.

Global tally of the infections has crossed 13 lakh, with over 74,000 deaths.