In proportion to the overnight rally in the US stocks and upbeat Asian markets on vaccine optimism, Indian share markets also on positive note on Tuesday. During late morning session at around 9.50, Nifty opened above 12520, while Sensex was up 0.57 percent or 223 points at 42821-level. Nifty Bank was also up 1.72 percent. Banking stocks have been contributing to the gains in the benchmark indices for last few days.

IndusInd bank, ICICI bank, Bajaj Finance, HDFC and L&T were among major gainers on the Nifty, while Tech Mahindra, Infosys, HCL Tech, Tata Consultancy Service (TCS), and Wipro were losers.

Shares of Reliance Industries also moved higher after the company received the subscription amount from PIF amounting to as much as Rs.9555 crore. Shares of Reliance went up near 1 percent to trade at day's high of Rs. 2075.5.  Pfizer stock also rallied 20 percent to the day's high of Rs. 5900, but subsequently pared gains. This is after the company has said its last stage vaccine trial is about 90 percent effective in preventing the Covid 19 disease.

TCS shares traded weak by close to 2 percent on the acquisition news of Post bank Systems from Deutsche Bank. Coal India shares also were weak even as the company is said to consider buyback of shares in its board meet scheduled for November 11.

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