India’s stock market benchmark jumped Tuesday as cross-sector buying tracked optimism in global markets ahead of key interest rate decisions from major central banks this week. Financials, IT, oil and gas and auto stocks were the biggest boosts to Dalal Street in early trade.

Both major indexes were up 1.2% in the first few minutes of trading. The Sensex rose 692.6 points to 59,833.8, its highest level, and the Nifty50 climbed to 17,833.4, up 211.1 points from its previous close.

The Fed is widely expected to raise its key lending rate by 75 basis points to zero following two days of deliberations starting late Tuesday.

All 50 Nifty constituents started the day in the green. Adani Ports, Tech Mahindra, Infosys, IndusInd Bank and Tata Motors were among the top gainers.

ICICI Bank, Axis Bank, Bajaj Finserv, Tata Steel and Larsen & Toubro were the biggest blue-chip gainers. Reliance, ICICI Bank, Infosys, Larsen & Toubro and HDFC Bank were the most significant contributors to gains in the two leading indices. All sector indices on the NSE opened higher, led by IT and banking.

“A sharp breakout from current levels is unlikely in the next two days. A sharp pullback after the Fed decision is only possible with a 100bps rate hike. The Indian market is showing resilience despite global challenges,” said VK Vijayakumar. Chief Investment Strategist at Geojit Financial Services.

For long-term investors, the value of IT is emerging, he said. Overall, market breadth favoured bulls, with 2,349 BSE stocks advancing and 682 declining.

Shares of Can Fin Homes dropped a day after Girish Kousgi, managing director and chief executive of the housing finance firm, resigned. Meanwhile, the rupee edged higher against the dollar.

Shares of other Asian markets rose after overnight gains on Wall Street, with MSCI’s broadest index of Asia-Pacific shares outside Japan last up 0.6%. Japan’s Nikkei 225 rose 0.4% as markets resumed trading after a long weekend.
S&P 500 futures edged up 0.1%. On Monday, the S&P 500 gained 0.7%, the Dow gained 0.6%, and the Nasdaq Composite gained 0.8%.