Mumbai: Traders covered their short positions after the recent selling spree, helping key indices move up at the markets.
A benchmark index for Indian equities markets continued to build on its early gains Tuesday amid positive cues from other Asian bourses.
The 30-scrip sensitive index (Sensex) of the BSE Tuesday opened at 16,289.32 points, and rose to 16,408.64 points, up 357.54 points or 2.23 percent from its previous close at 16,051.1 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading higher, 2.14 percent up at 4,938.55 points.
Broader markets were also in the green. The BSE midcap index was up 1.57 percent, while the BSE small cap index was ruling 1.49 percent up. The BSE 100 index was up 2.06 percent.
The market breadth at the BSE was positive with 1,815 stocks advancing, compared to 713 on the decline and 79 remaining unchanged.
Some of the top gainers on the Sensex at this time were: Tata Motors, DLF, ICICI Bank, RIL and Wipro. Cipla was the only scrip trading weak.
A relief rally in Europe and US markets helped Asian bourses rule higher Tuesday amid hopes that European leaders would come out with steps to curb the debt crisis seen in some countries of the Euro zone.
The Japanese Nikkei closed 2.82 percent higher at 8,609.95 points, while Hong Kong's Hang Seng index was ruling 2.7 percent up at 17,878 points.
The Chinese Shanghai Composite index was ruling 1.25 percent higher at 2,423.07 points.