Gains were led by metal, PSU bank, and private bank stocks, while media, auto, and FMCG shares declined.

As per provisional closing data, the barometer index, the S&P BSE Sensex jumped 319.78 points or 0.39% to 81,857.48. The Nifty 50 index added 126.75 points or 0.51% to 25,175.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.44%, while the S&P BSE Small-Cap index fell 0.03%.

The market breadth was negative. On the BSE, 1,803 shares rose and 2,510 shares fell. A total of 171 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 1.83% to 14.45.

India-EU Trade Deal:

India and the European Union have signed the 'mother of all deals', PM Modi said on Tuesday. Prime Minister Narendra Modi hailed the landmark free trade agreement, noting that it represents nearly 25% of global GDP and about one-third of global trade.

The Narendra Modi government is said to have agreed to immediately lower duties on up to 200,000 European cars a year priced above '15,000, or about Rs 16.5 lakh. Electric vehicles are excluded.

Automobile tariffs will fall sharply, with duties on cars gradually reduced from 110% to as low as 10%, and car parts tariffs fully eliminated within five to ten years. Agri-food tariffs will drop significantly, including wine tariffs cut from 150% to 75% initially and as low as 20% later, and olive oil tariffs reduced from 45% to zero over five years.

The pact includes strong sustainability and climate commitments, alongside plans for an EU'India climate cooperation platform and up to '500 million in EU support for India's green transition. On tariffs overall, Sefcovic said the aim is 97'99% partial or full tariff liberalisation, which could generate savings of around '4 billion a year and help double bilateral trade within five years.

Buzzing Index:

The Nifty Metal index surged 3.25% to 11,851.10. the index declined 0.83% in the past trading session.

Jindal Stainless (up 8.84%), Adani Enterprises (up 5.03%), Steel Authority of India (up 4.91%), JSW Steel (up 4.74%) and Hindustan Copper (up 4.7%), Hindustan Zinc (up 4.32%), National Aluminium Company (up 3.95%), NMDC (up 3.22%), Vedanta (up 3.22%) and APL Apollo Tubes (up 3.07%) surged.

Stocks in Spotlight:

Axis Bank jumped 4.31% after the bank reported a 2.94% increase in standalone net profit to Rs 6,489.57 crore in Q3 FY26 compared with Rs 6,303.77 crore in Q3 FY25. Total income increased 4.26% year on year (YoY) to Rs 38,500.06 crore in Q3 FY26.

Indusind Bank slipped 0.11%. The bank reported 88.5% decline in standalone net profit to Rs 161.16 crore on 13.67% fall in total income to Rs 13,079.39 crore in Q3 FY26 over Q3 FY25.

Shriram Finance lost 0.39%. The NBFC's standalone net profit declined 29.36% to Rs 2,521.67 crore on a 13.88% increase in total income to Rs 12,191.58 crore in Q3 FY26 over Q3 FY25.

Ultratech Cement advanced 1.97% after the company reported a 26.92% jump in consolidated net profit to Rs 1,725.40 crore on 22.78% increase in revenue from operations to Rs 21,829.68 crore in Q3 FY26 over Q3 FY25.

Bharat Petroleum Corporation (BPCL) added 2.30% after the company reported a 62.29% jump in standalone net profit to Rs 7,545.27 crore in Q3 FY26 as against Rs 4,649.20 crore posted in Q3 FY25. Net sales (excluding excise duty) rose 5.18% YoY to Rs 1,18,999.37 crore in the December 2025 quarter.

DCB Bank surged 9.50% after the bank reported 22% jump in net profit to Rs 185 crore on a 16% increase in total income to Rs 846 crore in Q3 FY26 as compared with Q3 FY25.

Godrej Consumer Products tumbled 5.34% after the company's consolidated net profit remained flat at Rs 497.91 crore in Q3 FY26, even as net sales increased 8.8% year-on-year to Rs 4,079.47 crore compared with Q3 FY25.

Tata Consumer Products gained 2.86% after the company's consolidated net profit jumped 37.91% to Rs 384.61 crore on a 15.04% increase in revenue from operations to Rs 5,112 crore in Q3 FY26 over Q3 FY25.

Asian Paints fell 2.81% after the company's consolidated net profit declined 4.55% to Rs 1,059.87 crore in Q3 FY26 as against Rs 1,110.48 crore in Q3 FY25. However, revenue from sales rose 3.85% year on year (YoY) to Rs 8,849.72 crore in Q3 FY26.

Global Markets:

European markets traded higher on Tuesday, helped by a trade deal between the European Union and India, as investors await more quarterly earnings and a Federal Reserve rate decision.

Asian markets ended higher despite concerns regarding tariffs resurfaced post US President Donald Trump threatening to increase levies on South Korean goods.

Trump said on Truth Social that South Korea's legislature has not approved Seoul's trade deal with Washington, and that tariffs on the country will climb to 25%, from 15%.

Overnight in the U.S., the S&P 500 advanced 0.50% to settle at 6,950.23, while the Dow Jones Industrial Average gained 0.64% to close at 49,412.40.

The Nasdaq Composite climbed 0.43% to end at 23,601.36, supported by jumps of about 3%, 2% and 1% in Apple, Meta Platforms and Microsoft, respectively, ahead of their earnings reports later in the week.

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