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The benchmark BSE index Sensex ended higher by nearly 120 points led by consumer durables and healthcare stocks amid positive global cues.
Continued buying by domestic institutional investors also boosted the domestic sentiment.
The 30-share BSE index Sensex was up 118.45 points or 0.36 per cent at 33,478.35 and the 50-share NSE index Nifty gained 28.15 points or 0.27 per cent at 10,326.90.
Among BSE sectoral indices, consumer durables index was the star-performer and was up 1.98 per cent, followed by healthcare 1.76 per cent, oil & gas 0.84 per cent and power 0.56 per cent. On the other hand, realty index fell 1.33 per cent, FMCG 0.17 per cent, banking 0.05 per cent and PSU 0.04 per cent.
Top five Sensex gainers were Dr Reddy's (+4.99%), Sun Pharma (+4.18%), Cipla (+2.31%), Bharti Airtel (+2.13%) and NTPC (+1.61%), while the major losers were Coal India (-1.51%), ITC (-1.08%), PowerGrid (-1.03%), TCS (-1.02%) and Kotak Bank (-0.77%).
Dr Reddy's shares rallied as the company has got the establishment inspection report for its Duvvada facility at Vishakapatman.
The Nifty Pharma index ended 2.2 per cent higher while Reliance extended gains into a fourth day to end up 1.3 per cent after Goldman Sachs raised its target price on the stock.
Goldman Sachs has raised the target price on Reliance by 26 per cent to Rs 1,205 and added the stock to its 'conviction list' with a 'buy' rating. The investment bank also expects the company's core earnings to double over the next three years.
Shares of logistics firms jumped in Tuesday's trade as the government has given infrastructure status to the logistics sector, covering cold chain and warehousing facilities, a move that is likely to attract more funding at competitive rates for these segments.
“Markets are riding on momentum and though there could be profit-booking by derivatives expiry next week, I expect Nifty to cross 10,500,” said Krish Subramanyam, co-head - equity advisor at Altamount Capital.
Asian stocks rose to a 10-year high as investors took heart from further evidence of strength in the global economy,
European markets were expected to be somewhat more subdued in early trade, with financial spreadbetters expecting Britain's FTSE to open 0.05 per cent higher and Germany's DAX and France's CAC to open unchanged.
Gains on Wall Street overnight helped MSCI's broadest index of Asia-Pacific shares outside Japan rise 0.8 per cent to a fresh decade-high.
US stocks rose on Monday, with Verizon boosting the telecoms sector after the stock got an upgrade, while a deal in semiconductors lifted high-performing tech shares.
The Dow Jones Industrial Average .DJI rose 72.09 points or 0.31 per cent to 23,430.33, the S&P 500 gained 3.29 points or 0.13 per cent to 2,582.14 and the Nasdaq Composite added 7.92 points or 0.12 per cent to 6,790.71.
(With inputs form Agencies)
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