The Indian equity benchmark indices traded more than 3 percent higher on Tuesday led by gains in metals, oil marketing companies and FMCG stocks.

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At 1:55 pm, the Sensex rallied 1,046.83 points or 3.68 percent to 29,487.15, while the Nifty50 index traded 320.45 points or 3.87 percent higher at 8,601.55.

Nifty Metals rallied 5 percent after China's official manufacturing purchasing managers' index (PMI) bounced to 52.0 in March, up from a record-low 35.7 in February and topping forecasts of 45.0.

Nifty FMCG and Nifty Pharma gained 4 percent each followed by Nifty IT and Nifty Financial Services rising over 3 percent each.

BPCL, Britannia Industries, GAIL India, ONGC and Reliance Industries led gains among Nifty constituents, while IndusInd Bank, Bajaj Finserv and Maruti Suzuki were the top losers.

The oil and gas companies’ shares witnessed a rally of over 3 to 10 percent on Tuesday after the crude oil prices slumped to multi-year low. The Nifty Energy index surged over 4.5 percent led by Bharat Petroleum Corporation that jumped 10 percent, Reliance Industries rising 4 percent, Hindustan Petroleum Corporation rallying 9 percent and Indian Oil Corporation gaining over 5 percent.

Shares of IndusInd Bank were locked at the lower circuit of 20 percent on Tuesday on worries over the bank’s falling deposit base and asset quality amid the nationwide lockdown due to the rapid spread of COVID-19. The stock plunged 20 percent to hit day’s lowest at Rs 329.25 on the BSE.

Meanwhile, Asian shares were set to close out a calamitous quarter by eking out a small rally on Tuesday as factory data from China held out the hope of a revival in activity, even as much of the rest of the world shut down.

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First Published:Mar 31, 2020 9:39 AM IST