India, Oct. 13 -- The Indian stock market opened on a strong note on Tuesday, with the Sensex and Nifty 50 gaining around 1% in morning trade. The Sensex surged 700 points to touch an intraday high of 72,621, while the Nifty 50 climbed to 22,581.

The broader market, however, showed mixed trends. The Nifty Midcap 150 edged up 0.05%, while the Nifty Smallcap 250 fell 1%.

Reasons behind stock market jump today

Strong buying in banking and IT stocks helped lift the Sensex and Nifty 50, with both sectors having significant weightage in the benchmark indices. At around 10:15 am, HDFC Bank, TCS, Infosys, HCLTech, ICICI Bank, Tech Mahindra and SBI were among the biggest contributors to the Nifty's gains.

The Nifty IT index rose 3.5%, supporte...