Share Market Update: Sensex rises 500 pts, Nifty at around 16900

The Indian equity benchmarks staged a gap-up opening on Tuesday on the back of a short-covering rally led by gains in Infosys, Tata Consultancy Services, HDFC, Larsen & Toubro, HDFC Bank, and Reliance Industries. The Sensex rose as much as 549 points and the Nifty 50 index touched an intraday high of 16,992.