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The S&P BSE Sensex jumped 934.23 points (1.81 per cent) to end at 52,532.07 while the Nifty 50 rallied 288.65 points (1.88 per cent) to settle at 15,638.80. Both the indices had opened around 0.5 per cent higher earlier in the day and extended gains as the trade progressed.

On the Sensex pack, Titan Company, State Bank of India (SBI), Tata Consultancy Services (TCS), HCL Technologies, Dr. Reddy’s Laboratories, Tata Steel, Wipro, Infosys, ITC, tech Mahindra and Larsen & Toubro (L&T) were the top gainers on Tuesday while only Nestle India ended a tad lower.

Among sectoral indices on the NSE, the Nifty Media rallied 5.49 per cent, Nifty Oil and Gas surged 4.83 per cent, Nifty PSU Bank gained 4.06 per cent, Nifty Metal rose 3.97 per cent and Nifty Realty inched up 3.65 per cent.

In the broader market, the S&P BSE MidCap index ended at 21,507.66, up 508.29 points (2.42 per cent) while the S&P BSE SmallCap settled at 24,121.65, up 699.49 points (2.99 per cent). On NSE, the volatility index or India VIX fell 5.66 per cent to 21.14.

“Absence of fresh selling triggers in the domestic and global economy along with falling commodity prices relieved the heavily discounted equity market to showcase recovery. The recovery indicates that the current uncertainties of inflation and monetary policy tightening have been factored in. However, with the highly sensitive nature of the current equity market, even the slightest inconvenience can trigger volatility,” said Vinod Nair, Head of Research at Geojit Financial Services.

Global market

European shares opened higher on Tuesday, recovering slightly from last week’s 17-month lows as the selloff paused, but major central banks’ rate hike plans and global recession risks kept investors cautious.

World stocks have edged higher so far this week, recovering from last week’s sharp selloff which saw global equities tumble to their lowest since November 2020 as expectations for central bank policy tightening to combat high inflation prompted investors to ditch risky assets.

At 0750 GMT on Monday, the MSCI world equity index, which tracks shares in 50 countries, was up 0.5 per cent on the day. Europe’s STOXX 600 was up 1 per cent and London’s FTSE 100 was up 0.6 per cent.

-global market input from Reuters