Domestic stocks logged sharp gains on broad based buying support. The market breadth, indicating the overall health of the market, was strong.

The barometer index, the S&P BSE Sensex, rose 378.73 points or 1.05% to settle at 36,442.54. The index hit high of 36,457.44 and low of 35,926.94 in intraday trade.

The Nifty 50 index rose 123.95 points or 1.14% to settle at 10,987.45. The index hit high of 10,994.90 and low of 10,817 in intraday trade.

Key indices opened with small losses, but recovered as the session progressed. Shrugging off negative global cues, domestic shares advanced further and hit fresh intraday high in late trade. The Nifty settled above the 10,900 mark after crossing that level in afternoon trade.

Broader market rallied. Among secondary barometers, the BSE Mid-Cap index surged 2.01%. The BSE Small-Cap index spurted 3.11%.

The market breadth, indicating the overall health of the market, was strong. On BSE, 2,121 shares rose and 563 shares fell. A total of 190 shares were unchanged.

Among the sectoral indices on BSE, the S&P BSE Auto index (up 3.06%), the S&P BSE Oil & Gas index (up 2.75%), the S&P BSE Basic Materials index (up 2.7%) outperformed the Sensex. The S&P BSE Teck index (down 0.67%), the S&P BSE IT index (down 0.86%), the S&P BSE Healthcare index (up 0.95%), underperformed the Sensex.

Axis Bank (up 4.12%), ONGC (up 3.96%), Coal India (up 3.4%), Tata Steel (up 2.83%) and NTPC (up 2.76%) were the major Sensex gainers.

Infosys (down 1.15%), Hindustan Unilever (down 0.62%), TCS (down 0.19%), were the major Sensex losers.

Tata Motors surged 7.72%. Tata Motors Commercial and Passenger Vehicles Business sales in the domestic market witnessed a drop of 3% at 57,221 units as against 58,993 units sold over last year as weak consumer sentiments continued in February 2019. The announcement was made after market hours on Friday, 1 March 2019. Stock markets were closed yesterday, 4 March 2019 for a local holiday.

With reference to media reports indicating Tata Motors is exploring options including JLR stake sale, the company said that there is no truth to the rumours that Tata Motors is looking to divest its stake in JLR and it would not like to comment further on any market speculation.

Hero MotoCorp rose 4.6%. The company reported sales of 617,215 units of two-wheelers in the month of February 2019. In the first two months of the current quarter, there has been a sequential pickup in the demand, although still lower than expected. The announcement was made after market hours on Friday, 1 March 2019.

Eicher Motors jumped 7.87%. The company reported 14% decline in motorcycles sales to 62,630 units in February 2019 over February 2018. The announcement was made after market hours on Friday, 1 March 2019.

Reliance Industries (RIL) rose 0.84%. Reliance Industrial Investments and Holdings (RIIHL), a wholly-owned subsidiary of Reliance Industries (RIL) has entered into an agreement for acquisition of equity shares of C-Square Info Solutions (C-Square) for a cash consideration not exceeding Rs 22.04 crore. RIIHL will further invest an amount of up to Rs 60 crore and is likely to be completed by March 2021.The total investment will translate into about 82% of equity capital in C-Square on a fully diluted basis. The announcement was made on Saturday, 2 March 2019.

Larsen & Toubro (L&T) fell 0.15%. Water & effluent treatment business of L&T Construction has secured orders from prestigious clients across varied states in India. L&T Construction is a brand of L&T. The announcement was made during trading hours today, 5 March 2019.

Jet Airways (India) rose 1.64%. The company informed that an additional two aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements. The company is actively engaged with all its aircraft lessors and regularly provides them with updates on the efforts undertaken by the company to improve its liquidity. The announcement was made yesterday, 4 March 2019, when the stock markets were closed for a local holiday.

Indian Hume Pipe Company gained 4.82%. The company has received three Letters of Intent for the works aggregating to Rs 187.06 crore (excluding GST) from Vidarbha Irrigation Development Corporation, Nagpur. The announcement was made on Saturday, 2 March 2019.

On the economic front, economic conditions in India's dominant service sector remained positive in February, with a quicker expansion in new work supporting a faster increase in output and solid job creation. Rising from 52.2 in January to 52.5 in February, the seasonally adjusted Nikkei India Services Business Activity Index pointed to a moderate though quicker upturn in output.

With growth of manufacturing production also gathering momentum in February, the seasonally adjusted Nikkei India Composite PMI Output Index rose from 53.6 in January to 53.8 to signal a solid and accelerated increase in private sector activity in the country.

Overseas, European shares were mixed as investors monitored various political developments across the globe. UK and EU negotiators are set to meet in Brussels in an attempt to bridge the gaps ahead of the March 29 Brexit deadline. Meanwhile, trade talks between the US and China remain on the radar for investors.

Asian stocks declined Tuesday following an overnight slip on Wall Street. China cut its economic growth target and pledged measures to support the economy amid growing challenges from rising debt and a dispute over trade and technology with the United States. China cut its growth target for this year to 6-6.5%, from around 6.5% last year.

US stocks declined on Monday, as investors turned cautious after initially cheering reports that the US and China were close to completing a landmark trade deal. Concerns that stocks are becoming too expensive on the back of a two-month rally from December lows also weighed on sentiment.

The US Commerce Department said that construction spending fell by 0.6% in December.