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The Indian equities extended their gains from Monday and opened sharply higher in early trade on Tuesday ahead of the Union Budget 2022-23.

Last week, the indices saw some sharp decline as the US Fed's Federal Open Market Committee in its latest meeting held on Wednesday said it was ready to tighten monetary policy on concerns of inflation.

At 10.48 a.m., Sensex traded at 58,793 points, up 1.3 per cent or 779 points from the previous close of 58,014 points. It opened at 58,672 points. Nifty traded at 17,548 points, up 1.2 per cent or 208 points from the previous close of 17,339 points. It opened at 17,529 points.

All the sectoral indices traded in the green in early trade on Tuesday. "The smart rebound in global markets led by the US and budget expectations have fuelled a late pre-Budget rally. But the relentless selling by FIIs is likely to put a cap to the rally in the short to medium term," said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.