Benchmark indices BSE Sensex and NSE Nifty surged over 3 per cent on Tuesday after buying gained momentum across sectors led by FMCG, banks and industrials amid hopes of a\u00a0repo rate cut after the presentation of the Union Budget 2016.\u00a0Sensex closed 777.35 points up at 23,779.35, while Nifty 50 index closed 235.25 points up at 7,222.30. Sentiment got a boost with the government's decision to stick to its projected fiscal consolidation path and reduce its net borrowing program from Rs 4.8 lakh crore in FY16 to Rs 4.25 lakh crore in FY17 would open up space for another interest rate cut by the Reserve Bank of India (RBI) to stimulate the economy. Further, support also came in with statement of government that investment limit for foreign entities in Indian stock exchanges will be enhanced from 5 per cent to 15 per cent on par with domestic institutions. The move will enhance global competitiveness of Indian stock exchanges and accelerate adoption of best-in-class technology and global market practices. In the 50-share index, ITC, Maruti Suzuki, ICICI Bank, Vedanta and Hero MotoCorp gained between 6.20 per cent and 10.40 per cent. On the other hand, ONGC, HUL and Dr Reddy's Labs slid between 0.37 per cent and 1.14 per cent. Buying in automobiles space too supported\u00a0sentiments as the government\u2019s focus on rural incomes and infrastructure development is structurally positive for the sector. Steel stocks remained on buyers\u2019 radar on higher allocation to infrastructure sector in the Union Budget 2016-17. Shares of public sector oil marketing companies edged higher after Indian Oil Corporation announced revision in fuel prices with effect from 1 March 2016. Petrol price was cut by Rs 3.02 a litre and diesel price was increased by Rs 1.47 per litre. Sectorwise, the BSE FMCG index surged the most \u2014 4.90 per cent, followed by BSE Consumer Durables index (up 4.37 per cent), BSE Realty index (up 4.21 per cent), BSE Auto index (up 4.19 per cent) and BSE IT index (up 3.72 per cent). Rest all other sectoral indices on BSE also closed in green. Maruti Suzuki India shares on Tuesday\u00a0surged 7\u00a0per cent on value buying even as the company's domestic sales increased only marginally in\u00a0February. Shares ITC rallied by more than 10\u00a0per cent\u00a0intraday inspite of a 10 per cent hike in excise duty on cigarettes announced in Budget 2016. The excise hike was in line with market expectations, thus clearing all uncertainties with respect to tax hikes which led to the rally in the stock. Igarshi Motors and Shakti Pumps hit upper circuit in Tuesday's trade. The share price of Igarshi Motors and Shakti Pumps closed 20 per cent and 19.91 per cent up at Rs 450.60 and Rs 130.10, respectively. Asian markets ended higher on Tuesday as oil prices extended overnight gains and China's central bank set the yuan fixing stronger for the first time in six days. Hang Seng, Nikkei and Shanghai closed 1.55 per cent, 0.37 per cent and 1.68 per cent up at 19,407.46, 16,085.51 and 2,733.17, respectively. -------------------------------------------------------------- Markets through the day 3.30 pm:\u00a0Sensex closed 777.35 points up at 23,779.35, while Nifty 50 index closed 235.25 points up at 7,222.30. 3.16 pm: Sensex gained 806.67 points at 23,808.67, while Nifty50 was trading 237.10 points up at 7,224.15.\u00a0Maruti Suzuki shares were trading 7.85 per cent up at Rs 3497.00 on on value buying even as the company's domestic sales increased only marginally in February. 3.12 pm: Sensex was up 753 points at 23,755.76.\u00a0Bond yields remained steady on Tuesday as investors turned cautious after the seasonally adjusted Nikkei India Manufacturing Purchasing Managers\u2019 Index (PMI) held steady 51.1 in February, same as January\u2019s reading. Investors failed to get relief with the government's decision to stick to its projected fiscal consolidation path and reduce its net borrowing program from Rs 4.8 lakh crore in FY16 to Rs 4.25 lakh crore in FY17. 2.34 pm: Sensex was trading 718.25 points up at 23,720. Sectorwise, the BSE Auto index was trading 4.04 per cent up at 16,492. The BSE IT index was up 3.51 per cent up at 10,588.54. 2.07 pm: Meanwhile,\u00a0Nifty50 index crossed the psychological level of 7,200 and was trading 3.14 per cent, or 219.05 points, up at 7,206.10. 2.02 pm: The 30-share index surged 702 points, or 3.06 per cent, to 23704.96. Nifty was trading nearly 7,200 points. Hero Moto, M&M and Maruti Suzuki\u00a0shares surged over 6 per cent in the afternoon trade. 1.57 pm: IDBI Bank shares continued the rally for the second straight day\u00a0after the government said it may consider bringing down\u00a0its stake in the lender to below 50 per cent. IDBI Bank shares were trading 0.60 per cent up at Rs 58.80. 1.37 pm:\u00a0Ashok Leyland, the commercial vehicle manufacturer, has reported an increase of 25\u00a0per cent\u00a0in sales in February 2016 to 13,403 units as against 10,762 units sold in the same period of last year. The company has experienced a jump of 31\u00a0per cent\u00a0in its medium and heavy commercial vehicle (M&HCV) products segment to 10,798 units in February 2016. The company\u2019s light commercial vehicle (LCV) segment witnessed a rise of 3\u00a0per cent\u00a0to 2,605 units in February 2015. Shares of Ashok Leyland were trading 2.63 per cent up at 89.90. 1.31 pm: Sensex was up 630 points at 23,632.\u00a0Global cues too remained supportive with Asian markets were trading mostly in green at this point of time after China\u2019s central bank cut further the reserve requirement ratio by 0.5 per cent in an attempt to calm investor jitters. US stocks closed lower on Monday on late-day selling as investors shrugged off oil price rise and off-loaded energy and healthcare shares. 1.01 pm:\u00a0Talwalkars Better Value Fitness shares were trading over 5 per cent up at Rs 204. The fitness chain has\u00a0recently opened new HiFi gym at Kankerbagh, Patna in the state of Bihar. Sensex was trading 644.52 points up at 23,646. 12.52 pm: FMCG major ITC\u00a0shares were trading over 8 per cent up at Rs 320.15.\u00a0Religare Securites in a research note said, "The government has hiked excise duty on cigarettes by 10 per cent across segments, which is lower than our estimate of a 15 per cent YoY hike as well as increases of over 15 per cent year-on-year taken during the last four years. We expect ITC to easily pass on the excise hike to consumers with a minimal impact on its cigarette volume growth. We maintained 'Hold' rating on ITC shares with target price of Rs 350." 12.47 pm: Sensex rallied further and was trading 610.25 points up at 23612. Nifty was up 184.20 points at 7171.25.\u00a0Max Financial Services (formerly known as Max India) and Mitsui Sumitomo Insurance Company (MSI) have collectively sold 95,748,762 shares, or 4.99 per cent equity stake, in Max Life Insurance Company (MLIC) to Axis Bank for a cash consideration of Rs 10 per share. Of this, the company has sold 76,560,635 shares, or 3.99\u00a0per cent\u00a0equity stake, to Axis Bank for an aggregate consideration of Rs 76.56 crore. Consequent to this transaction, the equity stake of the company, MSI and Axis Bank in MLIC is 68.01 per cent, 25 per cent and 5.99\u00a0per cent\u00a0respectively. Shares of Max Financial Services were trading 1.31 per cent down at Rs 332. 12.33 pm: Sensex was up 583 points at 23,585.\u00a0India's manufacturing growth remained unchanged in February following price reductions even\u00a0as new orders registered the strongest upturn since last September, says a Nikkei survey.\u00a0At 51.1 in February, unchanged from January reading, which was a 4-month high, the seasonally-adjusted Nikkei India Manufacturing Purchasing Managers' Index (PMI) - a composite single-figure indicator of manufacturing performance -\u00a0pointed to the second consecutive monthly improvement in business conditions across the sector. 12.09 pm:\u00a0Eicher Motors shares were trading 1.94 per ent up at Rs 19,262. The company's motorcycle division had reported a 63 per cent jump in total sales in February 2016 at 49,156 units, as against 30,240 units in the same month last year. During February 2016, the number of motorcycle units exported, increased by 112 per cent to 1,589 units from 749 units in February 2015. Sensex was trading 562 points up at 23,564. Nifty was up 171 points at 7,158. 11.37 am: The BSE Sensex continued to trade firm as the benchmark index was trading 507.68 points up at\u00a023,509.68. Nifty was trading 151.70 points up at 7,138.75. Read More:\u00a05 reasons why Sensex rallied over 500 points today 11.04 am: Maruti Suzuki shares\u00a0were up over 4.72 per cent at Rs 3,395.50.\u00a0Maruti Suzuki sold a total of 1,17,451 units in February 2016. This includes 1,08,115 units in the domestic market and 9,336 units in exports. The company sold 1,18,551 units in the same month last year. There was a loss of 10,000 units due Jat agitation. 11.01 am:\u00a0State-owned Indian Oil Corporation (IOC) reduced petrol prices by Rs 3.02 per litre, while it has increased diesel prices by Rs 1.47 per litre with effect from the midnight of February 29 and March 1, 2016. The price of petrol in Delhi has become Rs 56.61 a litre, while diesel has become Rs 46.43 a litre. The current level of international product prices of petrol & diesel and INR-USD exchange rate warrant a decrease in the price of petrol and increase in the price of diesel. Shares of IOC were trading 2.08 per cent up at Rs 374.90. Sensex was trading 498 points up at 23,500. 10.56 am: Sensex was up 488 points at 23,490.\u00a0Avtar Instalments has sold 3.87 lakh shares of Jain Irrigation Systems DVR through the open market route. The shares were sold on an average price of Rs 40.13 valuing the transaction to Rs 1.55 crore. DVR shares of Jain Irrigation were trading 1.16 per cent up at Rs 39.30. 10.29 am: BEML shares were trading 2.03 per cent up at Rs 968.50 after it bagged the prestigious order worth of Rs 900 crore for supply of metro coaches to Kolkata east-west metro line. BEML is a public sector undertaking under the Ministry of Defence. Sensex was trading 510.17 points up at 23,512.17. Nifty50 was trading 154.35 points up at 7,141.40. 10.09 am: Dhunseri Petrochem stocks were trading 1.93 per cent up at Rs 74.00 after it joined hands with Indorama Ventures to manufacture and sell PET resins for Indian domestic markets and for exports in which former will hive off its Haldia Plant to new a joint venture. Sensex was trading 493.31 points up at 23,495.31. Nifty50 was trading 152.25 points up at 7,139.30. 9.56 am: Sensex continued its upward trend and was trading 502.60 points up at 23,504.60, while Nifty50 was trading 149.15 points up at 7,136.20. 9.48 am: Axis Bank stocks were trading 3.82 per cent up at Rs 389.60 after US-based pension fund manager California Public Employees' Retirement System (CalPERS) offloaded stake worth Rs 869 crore in the private-sector lender through an open market transaction. Sensex was trading 479.25 points up at 23,481.25, while Nifty50 was trading 137.10 points up at 7,124.15. 9.38 am: Larsen & Toubro shares surged nearly 2 per cent after it informed stock exchanges that its construction arm has won orders valued Rs 2,213 crore. 9.35 am: Sectorwise, the BSE FMCG and BSE IT index were up 3 per cent and 2.37 per cent, respectively. Nifty was trading 130.20 points up at 7,117.25. Sensex was up 414 points at 23,416. 9.32 am: Low level buying supported market sentiments in Tuesday's trade. Sensex was trading 414.26 points at\u00a023,416.26.\u00a0 9.24 am: Sensex surged\u00a0further, and was trading 376.05 points up at 23,378.05. Nifty was trading nearly 100 points up 7,086.60. Lupin was trading 0.51 per cent up at Rs 1,761. 9.16 am:\u00a0Sensex was trading 234.48 points up at 23236.48. Nifty was up 58.05 points at 7045.10. In the 50-share index, ITC, ICICI Bank, Axis Bank, BPCL and Bank of Baroda were up between 1.73 per cent and 5.68 per cent. On the other hand, ONGC, Kotak Mahindra Bank, Lupin, Mahindra & Mahindra and Dr Reddy's were down between 0.53 per cent and 1.92 per cent. 9.15 am: Sensex opened 151.32 points up at 23153.32, while Nifty opened 51.20 points up at 7,038.25. 8.42 am: The BSE Sensex and NSE Nifty are likely to open higher on Tuesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed global markets. At 8.30 am (IST), SGX Nifty was trading 39 points, or 0.55 per cent, up at 7,046.50. Asian shares rose on Tuesday, bolstered by China's monetary easing and downbeat manufacturing and service surveys that raised hopes of additional measures, though lacklustre US and European data kept concerns about global growth momentum alive. On Monday, the Dow Jones industrial average fell 123.47 points, or 0.74 per cent, to 16,516.5, the S&P 500 lost 15.82 points, or 0.81 per cent, to 1,932.23 and the Nasdaq Composite dropped 32.52 points, or 0.71 per cent, to 4,557.95. On Monday, the BSE Sensex started on a higher note and ended at 23,002, a fall of 152.30 points, or 0.66 per cent. On the Budget day in 2015, the Sensex had gained 141.38 points. The NSE Nifty too saw volatility, which ended at 6,987.05, down 42.70 points, or 0.61 per cent. it hovered between 7,094.60 and 6,825.80. Shares of Lupin and oil marketing companies (OMCs) will remain in focus on Tuesday. Drug major Lupin on Monday said its wholly-owned Japanese subsidiary, Kyowa, plans to set up a manufacturing plant at Tottori, Japan as part of expansion plans in the country. OMCs cut petrol prices by Rs 3.02 per litre on Monday, but diesel rates were hiked by Rs 1.47 a litre - the second increase this month in line with global trends. State-owned fuel retailers IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) revise rates of the fuel on 1st and 16th of every month based on average oil price and foreign exchange rate in the preceding fortnight.