Mumbai (Maharashtra) [India], August 19 (ANI): Indian stock markets ended on a positive note, extending their upward momentum as the market participants reacted positively to the upcoming GST reforms and developments in the Russia-Ukraine peace talks.

At the close of the trading session on Tuesday, the BSE Sensex was up 370.64 points or 0.46 per cent at 81,644.39, and the Nifty 50 at National Stock Exchange (NSE) was up 103.70 points or 0.42 per cent at 24,980.65.

The benchmark Nifty index continued its upward momentum, closing in the green for the fourth consecutive trading session.

'This sustained rally reflects growing investor confidence, supported by strong performances across key sectors and broader market participation,' said Sudeep Shah, Head - Technical and Derivatives Research at SBI Securities.

Among the Nifty constituents, Tata Motors, Adani Ports, and Hero MotoCorp emerged as the top gainers, showcasing robust buying interest.

On the flip side, Dr. Reddy's Laboratories and Cipla were among the notable laggards. Sectorally, the market breadth was overwhelmingly positive.

Barring Nifty Pharma, all other sectoral indices ended the day with gains. Nifty Oil & Gas and Nifty Auto led the charge, reflecting strength in energy and automobile counters.

'The rally wasn't limited to the large-cap space. Broader markets outperformed, with both Nifty Midcap 100 and Nifty Smallcap 100 indices witnessing a sharp surge, underlining strong participation from retail and institutional investors alike. Market breadth remained firmly in favour of the bulls,' Shah further added.

'The consistent performance reflects resilient sentiment, supported by policy tailwinds and sustained buying in index heavyweights. That said, global developments--particularly geopolitical events and updates on trade negotiations--could keep the momentum in check,' said Ajit Mishra, SVP, Research, Religare Broking Ltd.

Bajaj Broking Research also added in a note, 'Investor sentiment remained buoyed by reports of a streamlined Goods and Services Tax (GST) structure, expected to boost spending and fuel consumption.'

Out of the Nifty 500 universe, 359 stocks closed in the green, pushing the advance-decline ratio significantly in favour of the advancers -- a clear sign of widespread optimism across the board.

Experts say that optimism, which was seen in today's session, came from signs of easing geopolitical tensions between Russia and Ukraine.

However, the experts say that Bilateral Trade Negotiations between India and the US may create some pessimism in the investor's sentiment.

The Nifty index continues to exhibit strength on the technical front, trading comfortably above both its short-term and long-term moving averages -- a sign of sustained bullish sentiment.

The banking benchmark index, Bank Nifty, also ended on a positive note. (ANI)