Market Benchmark Index Sensex rallied 496 points or +1.65% at 30,525.28 in the opening session on Tuesday while the broader Nifty 50 rallied 117.40 points or 1.33% at 8,940.65 as global markets recovered amid hopes of potential coronavirus vaccine.
The top gainers in the market were ONGC, BHarti Airtel, HDFC, Maruti, Kotak Bank, ICICI Bank, Bajaj Auto, Tata Steel, Hero Motors, Tital, L&T, Tech Mahindra among others while Asian paint, SBIN and IndusInd bank were in the red on the Bombay Stock Exchange.
At 09.07 am, during the pre-opening session, Sensex rallied 407.62 points or +1.36% at 30,436.60 while Nifty 50 rallied 138.45 points or 1.57% at 8,961.70.
Earlier on Monday, Sensex closed 1,069 points or 3.44 per cent lower at 30,029 while the Nifty 50 edged lower by 314 points or 3.43 per cent at 8,823 as the country extended nationwide lockdown till month-end to curb the spread of coronavirus (COVID-19) pandemic.
US stocks surged as investors eyed some encouraging news about a potential coronavirus vaccine.
On Monday, the Dow Jones Industrial Average spiked 911.95 points, or 3.85 per cent, to 24,597.37. The S&P 500 rose 90.21 points, or 3.15 per cent, to 2,953.91. The Nasdaq Composite Index increased 220.27 points, or 2.44 per cent, to 9,234.83, Xinhua news agency reported.
Wall Street also paid close attention to the latest comments from Federal Reserve Chairman Jerome Powell.
The US economy will recover from the COVID-19 pandemic, but the process could stretch through until the end of 2021, Powell said.
"Assuming there's not a second wave of the coronavirus, I think you'll see the economy recover steadily through the second half of this year," Powell said in an excerpt of an interview that aired Sunday morning on CBS's "Face the Nation."