Mumbai, April 7 The stock market benchmark indices, Sensex and Nifty, ended higher on Tuesday, as a drop in crude oil prices and a rally in global markets calmed investor sentiment.
Furthermore, buying in IT stocks helped the market recover after early losses.
The 30-share BSE Sensex jumped 509.73 points, or 0.69 per cent, to close at 74,616.58. During the day, it reached a high of 74,686.32 and a low of 73,282.41, fluctuating by 1,403.91 points.
The 50-share NSE Nifty climbed 155.40 points, or 0.68 per cent, to end at 23,123.65.
Among the major gainers from the 30-Sensex firms were Tata Consultancy Services, HCL Tech, Infosys, Bharti Airtel, Sun Pharma, and Hindustan Unilever.
InterGlobe Aviation, Adani Ports, Mahindra & Mahindra, and Titan were among the laggards.
Brent crude, the global oil benchmark, fell by 0.71 per cent to $109 per barrel.
"The Indian markets staged a sharp intra-day recovery, with Nifty reversing early losses and reclaiming higher levels, largely driven by short-covering and selective sectoral strength rather than broad-based buying conviction," said Hariprasad K, Research Analyst and Founder, Livelong Wealth.
A key driver of today's rally was the strong performance in the IT sector, which acted as a defensive anchor, he said.
In Asian markets, South Korea's benchmark Kospi, Japan's Nikkei 225 index, and Shanghai's SSE Composite index ended higher. Markets were closed in Hong Kong for a holiday.
European markets were trading in positive territory, while US markets ended higher on Monday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,167.17 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 8,088.70 crore.
On Monday, the Sensex jumped 787.30 points, or 1.07 per cent, to close at 74,106.85. The Nifty edged higher by 255.15 points, or 1.12 per cent, to end at 22,968.25.
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