The Indian benchmark equity indices, Sensex and Nifty, rallied more than 7 percent on Tuesday, and are set to register their best trading day in last seven trading sessions.

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At 2:05 pm, the Sensex rallied 2,059.47 points or 7.46percent to 29,650.42, while the Nifty50 index traded 613.25 points or 7.59 percent higher at 8,697.05.

Broad based buying was witnessed across sectors. Nifty Pharma was the best performer with over 9 percent gains followed by Nifty Private Bank, Nifty IT, Nifty Realty, and Nifty Auto.

Nifty Bank was up more than 2,000 points from the recent low.

IndusInd Bank, Axis Bank, ICICI Bank, Hindalco and Dr Reddy's Laboratories led gains among Nifty constituents while Bajaj Finance was the top loser.

Meanwhile, in Asia, markets looked poised to have another day with gains on the back of signs of a slowdown in coronavirus-related deaths. Also, oil prices resumed their decline on doubts over a potential Saudi-Russian pact to cut output.

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First Published:Apr 7, 2020 9:39 AM IST