The S&P BSE Sensex soared nearly 150 points on Tuesday, extending gains for the fifth consecutive session amid positive global cues.

The Sensex was up 147 points to close at 26,932 points, while the 50-share Nifty rose 33 points or 0.41%, to end at 8,152.

The rally in the markets is supported by lessening chances for an interest rate hike by the US central bank this year following the weak employment data last week.

"The slowdown in US employment growth in August and September will probably delay the first interest rate hike until early 2016, but it doesn't appear to be the start of a sustained deterioration in labour market conditions," said Capital Economics in a note.

Further, the uptrend in stock markets since last week has been due to higher-than-expected repo rate cut by the Reserve Bank of India (RBI). On 29 September, the RBI had cut key lending rate by 50bps amid falling inflation and slowdown in the economy.

The retail inflation fell to a record low of 3.66% in August, while the wholesale price index (WPI) remained in negative for a 10th straight month.

Last week, global rating agency Fitch Ratings had revised down its forecast for India's gross domestic product (GDP) growth to 7.5% from the previous estimate of 7.8%.

"Markets have been rallying since last week after higher-than-expected rate hike by the RBI and delay in rate hike by the US Fed post weak US jobs data. However, profit taking is seen at higher levels as investors are turning cautious ahead of the second quarter earnings," Alex Mathews, Head of Research, Geojit BNP Paribas Financial Services, told Business Standard.

Among the sectoral indices, Consumers Durables was the top gainer, followed by FMCG. IT remained as the top loser. Metal and oil & gas stocks rose sharply underpinned by a rebound in global commodity prices.

Tata Motors, ITC, Coal India, Cipla and ONGC were the top gainers among Sensex stocks. While Infosys shares ended over 2% lower, Tata Consultancy Services (TCS) were down 0.65%.

Tata Motors continued its gains for the second consecutive sessions, closing 5.8% higher. A rally in Tata Motors' stock prices was mainly led by a 61% jump in sales in its luxury car division Jaguar Land Rover (JLR) in the US.

HDFC almost ended flat at Rs 1,258 after the lender announced a cut in its home lending rate by 35bps to 9.65%.

On the commodities front, gold prices rose slightly by Rs 50 to Rs 26,650 per 10 grams, while silver prices soared by Rs 750 to Rs 36,700 per kg on the back of pick up in demand from industrial units and coin makers.