The Indian benchmark equity indices, Sensex and Nifty ended higher Tuesday led by gains in metals, pharma and FMCG stocks amid positive global cues.

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The Sensex ended 272.51 points or 0.71 percent higher at 38,900.80 while the Nifty gained 82.75 points or 0.73 percent to settle at 11,470.25. Broader indices participated in the rally with Nifty Midcap and Nifty Smallcap indices gaining 0.82 percent and 0.37 percent, respectively.

Among sectors, Nifty Metal rallied the most with over 3 percent gains followed by Nifty Pharma, Nifty FMCG, Nifty Financial Services, while Nifty IT and Nifty PSU Bank ended in the red.

Bharti Airtel, JSW Steel, Hindalco Industries, Asian Paints and Bajaj Finance led gains among Nifty constituents while Bharti Infratel, ONGC, Axis Bank, Adani Ports & SEZ and Tech Mahindra were the top index losers.

"The markets have closed well over the 11,300 level - this is heartening! We need to get past 11,600 on a closing basis to indicate that the uptrend has resumed again. If we are successful in doing that, 11,800-12,000 could be the next potential target for the Nifty. The support is at 11,300," said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.

Shares of Bharti Airtel and Reliance Industries gained after the Supreme Court allowed 10 years to the telecom companies for a staggered payment of AGR. While the DoT had sought 20 years, telcos such as Airtel, Vodafone Idea and Tata Teleservices had asked for a 15 years' timeline. The 10-year timeline for payment of AGR dues to begin from April 1, 2021, and the companies need to pay 10 percent upfront, SC noted.

Meanwhile, Vodafone Idea declined 13 percent.

Auto stock gained on better than expected August sales numbers by select auto majors.

Indian bond yields declined to over two-week low levels and the rupee rose to six-month highs after the Reserve Bank of India (RBI) announced special open market operations (OMO) and measures to foster orderly market conditions. The Indian currency ended at a 6-month high today. It ended at 72.87 against the US dollar as compared to Monday's close of 73.62. In fact, it is the biggest single-day gain for the rupee in over five months.

First Published:Sept 1, 2020 3:35 PM IST