Benchmark indices rallied in trade as global cues continued to remain strong, led by gains seen overnight across the US markets. Dow Futures were once again pointing to higher openings for the US markets on Tuesday.
The Sensex was trading with gains of 200 points, while the Nifty rallied 63 points in early trade.
Grasim Industries shares were in the limelight after the company reported a 35.7 per cent rise in net profit at Rs 480.2 crore for the quarter ended March 2021. The stock was up 1 per cent in trade.
Panacea Biotech also saw its shares gaining ground after the company announced the launch of Covid 19 vaccines. Russia's Sovereign Wealth Fund and Panacea have announced the launch of the Russian Sputnik V vaccine against Covid 19. The shares of the company were locked at the upper end of the circuit filter, with gains of 5%
Among the top Nifty gainers in trade were stocks like Tata Motors, Tata Steel and JSW Steel.
"The overall structure of the market remains positive from the long term perspective. However, the risk of inflation and development on the Covid-19 front domestically would decide the market direction going ahead," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services said.
Meanwhile, gains were seen across the Asian markets, with Taiwan's Taiex leading gains with a strong rally of nearly 1.62%. Shares across the region were higher including Japan and Hong Kong as well.