The Indian benchmark equity indices, Sensex and Nifty ended higher on Tuesday led by buying in pharma and banking stocks amid positive sentiment across global markets.

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The Sensex ended 287.72 points or 0.74 percent higher at 39,044.35 while the Nifty gained 81.75 points or 0.71 percent to close at 11,521.80.

Broader indices participated in the rally with Nifty Smallcap100 and Nifty Midcap100 indices gaining percent respectively.

Gains in index heavyweights such as IndusInd Bank, Bajaj Finance, Reliance Industries, HDFC, among others lifted Nifty above 11,500 level. All Nifty Bank constituents except PNB ended in the green.

Broader indices outperformed the benchmarks, with Nifty Midcap 100 index and Nifty Smallcap 100 indices rising over 1 percent each.

Among sectors, Nifty Pharma gained the most followed by Nifty Private Bank, Nifty Financial Services and Nifty IT. Nifty FMCG, Nifty Realty and Nifty Media ended in the red.

"We did inch towards the 11,550 levels but could not conquer it; it is imperative this happens as that would signal a new impulse rally on the upside. That rally could take us to 11,800 and then towards 12,000," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

IndusInd Bank, Cipla, UPL, Axis Bank and Bharti Airtel led gains among Nifty50 constituents while Titan Company, Maruti Suzuki, HDFC Life Insurance Company, Eicher Motors and ITC were the top index losers.

Shares of Max India Ltd ended over 8 percent higher after the company announced that it will explore a capital reduction program to reward its shareholders. The company plans to offer its public shareholders the option of taking Rs 85 per share for up to 20 percent of their shareholding in lieu of cancelling these shares. Post capital reduction, Max India's outstanding shares will decrease by up to 20 percent, to 4.3 crore from 5.38 crore.

Globally, world stocks rose on Tuesday on the back of upbeat Chinese data and optimism about novel coronavirus vaccines, as a struggling dollar kept the hot streaks for the euro and some of the biggest emerging market currencies sizzling, Reuters reported.

First Published:Sept 15, 2020 3:34 PM IST