Market Benchmartk Index Sensex rallied on Tuesday afternoon over 1,000 points and the Nifty50 on the National Stock Exchange (NSE) rose 300 points to trade above the 8,500 mark in tandem with the rise in Asian markets.
Sensex surgeed 1,028.17 points to end at 29,468.49 while Nifty jumped 316.65 points to 8,597.75 in the closing session on Tuesday.
At 12. 42 p.m. Sensex was trading at 29,467.43, higher by 1,027.11, or 3.61 per cent from the previous close of 28,440.32. It had opened at 29,294.94 and has so far touched an intra-day high of 29,502.88 and a low of 28,667.36 points.
The Nifty was trading at 8,586.05, higher by 304.95 points or 3.68 per cent from its previous close.
Gains were witnessed across sectors, with healthy buying in metal, energy and oil & gas stocks.
So far, the major gainers were HDFC, ONGC and HCL Technologies, while IndusInd Bank and Maruti Suzuki were the only losers
Most Asian equities enjoyed gains on Tuesday following another rally on Wall Street, while oil bounced, with traders welcoming a surprise jump in Chinese factory activity, though analysts cautioned that the road ahead remained rocky for the global economy.
The World Bank also warned that fallout from the coronavirus pandemic could bring China's growth to a standstill, with even a best-case scenario seeing expansion slow to 2.3 per cent from 6.1 per cent in 2019.
Trillions of dollars pledged to offset the economic impact of the deadly virus have provided a semblance of stability to world markets, which were initially pummelled by the rapid spread of the disease, which has forced swathes of the planet -- and the economy -- into lockdown.
While the number of infections and deaths continues to rise, observers said traders appear to be getting used to the new normal, with some suggesting the sell-off in stocks may have seen its worst.
