India’s stock benchmark tracked the strength of most other Asian markets on the back of early gains after edging higher on Tuesday. Buying interest in financials, oil and gas, and autos drove the overall index higher, although selling pressure on some IT stocks played a damaging role.

Both major indexes were up 0.5% in the first few minutes of trading. The Sensex rose 320.7 points to 59,566.7, its highest level, and the Nifty50 rose to 17,764.7, up 98.9 points from its previous close.

A total of 35 stocks in the Nifty50 basket opened in green. Tata Motors, NTPC, IndusInd, ONGC, Tata Consumer, HDFC life and Coal India – up between 0.5% and 0.8% – were the top gainers.

On the other hand, Grasim, Hindustan Unilever, SBI, Asian Paints and Cipla (down as much as 0.5%) were the hardest hit among the blue chips.

Reliance Industries, HDFC, HDFC Bank, ICICI Bank, Bharti Airtel and Axis Bank were the biggest contributors to Sensex and Nifty earnings. All sectors opened higher today.

“Even against the backdrop of global headwinds, the resilience of the domestic market has been somewhat surprising. India has outperformed the rest of the world,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.

Market breadth favoured bulls, with 1,759 BSE stocks advancing and 1,167 declining. Crude oil prices dropped on Tuesday after surging 3% on Monday after the largest group of OPEC+ producers agreed to cut output by 100,000 barrels a day in October. The move is widely seen as a symbolic move to stem the market’s recent slide.

“The market is driven by momentum, and the bulls are in control. Nifty Bank is on the verge of a breakout and has fundamental support,” Vijayakumar added.

Investors await listing on exchanges. Shares of DreamFolks Services, which closed last month at 56.7 times outstanding shares, will be listed on the secondary market at 10 am. Meanwhile, the rupee edged higher against the dollar.

Shares of other Asian markets were largely positive on Tuesday, with MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.2% when last calculated. Japan’s Nikkei 225 was flat.

European markets fell on Monday after Russia shut down its main natural gas supply pipeline to Europe. The pan-European Stoxx 600 closed down 0.6%. S&P 500 futures rose 0.5% in Asian trade on Tuesday. Wall Street was set to resume trading later in the day after a long weekend.