Sensex jumps over 700 points to 49,274; Nifty nears 14,500

The Nifty and Sensex hit record highs last week and saw investors book some profit after the record run.

Indian shares edged higher on Tuesday after dropping 2% in the past couple of sessions, with carmaker Maruti Suzuki gaining after deciding to raise prices of select models.

People watch the Sensex on a screen outside Bombay Stock Exchange (BSE) in Mumbai. (PTI File Photo)

The blue-chip NSE Nifty 50 index rose 0.9% to 14,405 and the benchmark S&P BSE Sensex was up 0.9% at 49,010.43 by 0350 GMT. The Nifty and Sensex hit record highs last week and saw investors book some profit after the record run.

Maruti Suzuki India Ltd shares rose 2% after the country's largest automaker by market value said on Monday it will raise prices for some car models to mitigate the impact of rising costs.

Mindtree Ltd shares rose 4% after the information technology services provider reported strong December quarter results on Monday.