Stock Market: Sensex Zooms Over 700 Points, Nifty Trades Above 17,500 Tracking Strong Global Cues

Stock update: UltraCemco was the top gainer, followed by Bharti Airtel, SBI, Mahindra & Mahindra, Larsen & Toubro, Wipro, ITC, and Maruti on the Sensex platform

Sensex and Nifty, the two key equity benchmarks, began trade on a positive note on Tuesday, amid strong global cues and falling crude oil prices.

The BSE Sensex platform jumped 711 points to 59,122, while the broader NSE Nifty was trading at 17,515, up 203 points.

On the 30-share Sensex platform, UltraCemco was the top gainer, followed by Bharti Airtel, SBI, Mahindra & Mahindra, Larsen & Toubro, Wipro, ITC, and Maruti. On the flip side, only Sun Pharma was the lone loser on the 30-share Sensex pack.

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 advanced 0.7 per cent each.

All sectors started trade on a firm note and were trading in the green. Nifty Media, Nifty Auto, and Nifty IT indices gained the most - up to 2 per cent.

Among individual stocks, shares of Zee Entertainment surged over 4 per cent after Invesco Developing Markets Fund sold 10.14 per cent stake via a block deal.

The general mood of the 30-share Sensex benchmark was positive as 26 scrips were advancing and three scrips was declining, while one scrip remained unchanged.

"In India, bulls are gaining strength aided by India's growth outperformance, good early Q2 results, declining FII selling, steadily rising DII buying and optimism ushered in by the festive season," said V K Vijayakumar, chief investment strategist, Geojit Financial Services.

In the previous session on Monday, the Sensex had jumped 491 points (0.85 per cent) to settle at 58,410, while the broader NSE Nifty climbed 126 points (0.73 per cent) to end at 17,311.

In other Asian markets, bourses in Seoul, Tokyo, Shanghai and Hong Kong were trading with gains in mid-session deals. Wall Street ended significantly higher on Monday.

International oil benchmark Brent crude was trading 0.29 per cent higher at $91.89 per barrel.

Foreign institutional investors (FIIs) remained net sellers in the Indian capital market on Monday as they offloaded shares worth Rs 372.03 crore as per exchange data.

Meanwhile, the rupee appreciated 22 paise to 82.08 against the US dollar in early trade on Tuesday, tracking positive domestic equities and an overnight fall in the dollar index. On Monday, the rupee depreciated by 11 paise to close at 82.30 against the US dollar.