Equity benchmark Sensex rallied 613 points to settle above the 50,000-mark on Tuesday, driven by gains in index-heavyweights HDFC Bank, Reliance Industries and Bajaj Finance amid a positive trend in global markets.

At the closing bell, the 30-share BSE index was quoted 612.60 points or 1.24 per cent higher at 50,193.33.

Similarly, the broader NSE Nifty went past the psychological 15,000-level, and closed 184.95 points or 1.24 per cent higher at 15,108.10.

M&M was the top gainer in the Sensex pack, rallying nearly 6 per cent, followed by Bajaj Auto, Titan, Bajaj Finance, HDFC Bank and PowerGrid.

Bharti Airtel, ITC, Dr Reddy's and SBI were the laggards.

"Domestic equities extended gains as early sign of decline in COVID-19 daily caseload and improving prospects of faster economic recovery emboldened investors," said Binod Modi, Head Strategy at Reliance Securities.

Strong cues from Asian markets also supported the rally, he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended on a positive note.

Stock exchanges in Europe were also trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.82 per cent higher at USD 70.03 per barrel.