Sensex Rallies Over 1,700 Points; Nifty at 17,352 Led By Auto, IT, Banks

New Delhi: After a debacle on Monday, the stock market, which started trading on a positive note, bounced back strongly providing relief to the investors despite a lacklustre trend in global markets due to the Ukraine crisis.

After the day's trade, the key benchmark indices, Sensex and Nifty, settled the green zone. The 30-share BSE Sensex rebounded 1,736 points (3.08 per cent) to close at 58,142, while the broader NSE Nifty settled 510 points higher at 17,352. Both the domestic indices had crashed 3 per cent on Monday, marking the worst fall in 10 months.

Crude oil prices also dropped around 3 per cent in the later half of the session, providing further comfort to equity investors.

Midcap and smallcap shares finished on a positive note as Nifty Midcap 100 index moved 2.86 per cent higher and smallcap shares gained 2.51 per cent.

All the 15 sector gauges, compiled by the National Stock Exchange, settled in red. Nifty IT and Nifty Private Bank outperformed the index by climbing as much as 4.01 per cent and 3.99 per cent respectively.further comfort to equity investors.

Buying was clearly visible in IT, private financials, FMCG majors and index heavweight Reliance Industries. Bajaj Finance was top gainer on the Sensex platform, up by 5.13 per cent, followed by SBI, Bajaj Finserv, M&M, and others. Barring PowerGrid, all the companies are in the green zone. 

"As the street went into trade today after yesterday's biggest single-day fall in the last ten months, investors were left thinking whether the template has indeed changed. A confluence of headwinds is now weighing on the minds of investors even as we had a massive pull back rally today led by autos, banks, IT and FMCG," S Ranganathan, Head of Research at LKP Securities told PTI.

Elsewhere in Asia, bourses closed with losses on fears of a potential Russian invasion of Ukraine. The US administration has warned Russia of severe consequences in case its forces attack Ukraine.