The company has announced that it will acquire 50 percent of PepsiCo's shareholding in NourishCo Beverages. The said company is a 50:50 Joint Venture between PepsiCo India Holdings and Tata Consumer Products.

As a result of this acquisition, the joint venture will stand terminated and NourishCo will become a wholly-owned subsidiary of Tata Consumer Products.

Shares gained as much as 2.82 percent to Rs 356.9, snapping a two-day losing streak.

• Benchmark indices see a volatile first hour of trade; but surge to the day's high
• Nifty up 1.82 percent at 8,983
• Sensex up 1.85 percent at 30,583
• Nifty Bank up 2 percent at 17,935
• Nifty Midcap Index trades 1.4 percent higher
• Nifty Smallcap Index trades 0.8 percent higher
• India Volatility Index down 2.2 percent to 40.02
• Nifty PSU Banking index is the only sectoral laggard; down 0.4 percent
• Nifty Auto and Nifty Metal index up 2.2 percent each
• Nifty I.T. and Nifty Media Index up over 1 percent
• Bharti Airtel is the top Nifty gainer; up 8.2 percent and trades at an all-time high
• UPL is the top Nifty laggard; down 7 percent
• 46 out of the 50 Nifty constituents are trading with gains
• 1,045 stocks on the NSE are trading with gains while 537 are declining

The rupee opened stronger in today's trading session after ending as the worst performing currency among Emerging Market peers on Monday.

The currency opened at 75.77 against the U.S. Dollar, as compared to Monday's close of 75.91. It would snap a three-day losing streak today, on ending the session with gains.

Bond traders will keep an eye out for the state government bond auctions which will be held by the Reserve Bank of India.

The power generator and distributor reported a 2 percent decline in its revenue for the quarter gone by. A Rs 1,000 crore provision for impairment losses led to the company posting a net loss of Rs 274.92 crore in the current quarter.

Ebitda for the company rose 16.5 percent to Rs 827 crore while margins expanded to Rs 27.7 percent from 24.2 percent.

It will not declare any new dividend as the one declared on February 12, 2020 worth Rs 11.6 will be counted as the final one.

Shares gained as much as 6.3 percent - the most in eight weeks to Rs 315.60.