The Sensex was up 549.33 point or 1.04 percent at 53,499.96 points. The Nifty50 was 148.45 points up at 16,033.60 points.
Arun Malhotra, Founder & CIO, CapGrow Capital Advisors LLP, said "Markets are buoyant and the large caps have started moving up. Majority of the buoyancy in the last three months have been witnessed in small and midcaps that are due for correction. The Q1 FY22 results will keep the market steady. A shift from small cap to large caps seems to be the trade right now."
Sumeet Bagadia, Executive Director, Choice Broking said, "The Nifty index set a new benchmark in the early session. After a long consolidation, we have seen further breakouts in today’s trading session and nifty made new highs. Overall, Nifty 5-months move was approximately 500 points, and now there is a possibility of 500 points move in the next five days as after a long consolidation we have seen this breakout."
The market capitalisation of BSE-listed companies jumped to a record high of Rs 2,38,95,478.59 crore in morning trade on Tuesday, driven by a rally in stocks, where the benchmark index also hit its lifetime peak of 53,402.03.
Rallying for the second consecutive day on Tuesday, the 30-share BSE index was trading with a gain of 429.33 points or 0.80 per cent.
In the previous session, the Sensex rallied 363.79 points or 0.69 per cent.
Investors'' wealth also gained by Rs 3,45,729.69 crore since Friday''s close.
From the 30-share frontline companies pack, Titan was the biggest gainer with a jump of nearly 4 per cent followed by Sun Pharma, Bharti Airtel, HDFC, IndusInd Bank and Asian Paints.
"Fundamental support to the bulls has been coming from good corporate results. Now the macros are turning very positive with the declining fiscal deficit, rising tax collections, and now the excellent performance in exports. The PMI at 55.3 indicates a potential sharp turnaround in economic activity," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
According to Gaurav Garg, Head of Research, CapitalVia Global Research Ltd, sentiments in the Indian market remained positive with the GST collection increasing and the manufacturing sector gaining a boost and posting the strongest rate of growth in the month of July amid easing of COVID restrictions.
