Equity benchmark Sensex rallied 511 points on Tuesday, tracking gains in index majors Reliance Industries, HDFC and ICICI Bank amid a firm trend in global markets on hopes of a COVID-19 vaccine.
After hitting a high of 37,990.55 during the day, the 30-share BSE Sensex settled 511.34 points, or 1.37 per cent, higher at 37,930.33. Similarly, the NSE Nifty rose 140.05 points, or 1.27 per cent, to end at 11,162.25.
PowerGrid was the top gainer in the Sensex pack, rallying over 6 per cent, followed by Maruti, ICICI Bank, HDFC, Kotak Bank, Axis Bank, and Reliance Industries.
On the other hand, Bajaj Finance, Bajaj Finserv, Asian Paints and Sun Pharma were among the laggards. According to traders, domestic market participants tracked the global stocks rally as hopes of a COVID-19 vaccine increased their risk appetite.
A coronavirus vaccine developed by the University of Oxford appears safe and induces a strong immune response within the body, scientists announced on Monday after the first phase of "promising" human trials against the deadly disease.
In India, AIIMS-Delhi also began recruiting volunteers for conducting human clinical trials of the indigenously developed COVID-19 vaccine candidate Covaxin. Bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.
Stock exchanges in Europe were also trading with significant gains in early deals after EU leaders finalised a 750-billion euro stimulus plan. The number of COVID-19 cases around the world has crossed 1.46 crore.
In India, the number of infections has spiked to 11.55 lakh, according to the health ministry. Meanwhile, international oil benchmark Brent crude futures climbed 2.08 per cent to USD 44.18 per barrel.
In the forex market, the rupee appreciated 17 paise to close at 74.74 against the US dollar.