Sensex Gain 1.2%, Nifty 1.1%; Telecom, RIL Surge

Indian stocks surged over one percent on Tuesday.

The broader NSE Nifty index closed 1.1 percent or 83.65 points higher at 7767.85 points, after recording an intraday high of 7773.85 points. This figure almost touched its record high of 7808.85 points on 8 July.

Gain was also due to heavy inflows in Reliance Industries stocks for a second day, after its quarterly earnings out on Saturday breached estimates. Asian shares gained as well on Tuesday, helped by first moves from Ukraine's pro-Russian separatists over the downed Malaysia Airlines plane.

"Markets have digested pre-budget expectations and post-budget worries. Now, the focus would be on flows and delivery of earnings," Reuters quoted Vijay Kedia, managing director at Kedia Securities Pvt Ltd.

Meanwhile, BSE Sensex ended 1.21 percent or 310.63 points higher at 26025.80.

Telecom stocks rose after Idea Cellular released its earnings data, which surged more than expected. Idea Cellular Ltd share price rose 5.01 percent higher at Rs.146.75, while Bharti Airtel's stock price surged 4.81 percent by recording at Rs.353.25 per stock on Tuesday.

Sensex opened 68.77 points higher at 25784.48 points, versus its previous closing of 25715.17 points, whereas Nifty opened 24.2 points higher at 7708.20 points against its previous closing of 7684.20 points on Monday.

Top gainers from BSE:

Top losers from BSE:

Top gainers from the National Stock Exchange index were Indoco Remedies, Apar Industries, Pan India Corp, Visesh Infotecnics Ltd and FCS Software Solutions Limited, whereas top losers were GKB Ophthalmics, Nakoda Limited, Tijaria Polypipes Ltd, Savita Oil Technologies and Thermax Limited.

Among the 12 Indian stock indices, stock prices of BSE Capital Goods and BSE power plunged lower by 108.67 points and 7.39 points respectively.

Asian Paints Ltd surged 1.7 percent after the firm said its June-quarter profit gained 23 percent to 3.39 billion rupees, while Hindalco Industries Ltd recorded 2.4 percent higher after aluminium prices hit a 16-month high.

Exide Industries Ltd jumped 4.5 percent after the industrial and automotive battery maker reported late on Monday that April-June earnings rose 17 percent to 1.85 billion rupees ($30.73 million), beating some analysts' estimates.

Indoco Remedies Ltd surged 18.7 percent after the company said on Monday that the US drug regulator had approved the company's sterile and solid dosage manufacturing plants located in the state of Goa, paving the way for its ophthalmic product launches in the United States.

However, among the stocks that fell, Thermax Ltd plunged 8.4 percent, its biggest single-day fall since December 2008.