Indian equity benchmarks rallied for the second straight
session on Tuesday, with the Sensex and Nifty jumping nearly 2% each, tracking
a rally in global equity markets. Buying in index heavyweights Reliance
Industries and IT stocks buoyed the indices.

Also Read | KPR Mill falls 9%, hit 52-week low as investors fear demand slowdown

The BSE Sensex rallied 934.23 points or 1.81% to close at
52,532.07, During the day, it surged 1,201.56 points or 2.32% to 52,799.40. The NSE Nifty jumped 288.65 points or 1.885 to settle at
15,638.80.

Also Read | Top 5 cryptocurrencies of the day: BTC up by 5%, LUNC trends at no. 1

The broader indices ended in green with the BSE Mid cap
index rising 2.42%, while the Small cap index was up by 2.99%. On the sectoral
front, Oil & Gas was up by 5.96%, Energy up by 4.95%, Consumer Durables
were up by 3.93%, Metal was up by 3.90%, and Realty was up by 3.79%, while
there were no losing sectoral indices on the BSE.

Also Read | Bitcoin meltdown lands El Salvador’s economy in a muddle

Major gainers from the Sensex pack were Titan Company up by
5.92%, SBI up by 3.79%, TCS up by 3.17%, HCL Tech up by 2.81%, Dr. Reddy’s Labs
up by 2.70%, Tata Steel up by 2.68%, Wipro up by 2.59%, Infosys up by 2.49%,
ITC up by 2.22%, and Tech Mahindra up by 2.13%. Nestle India was the only loser
down by 0.26%.

Also Read| Impact of US Feds’ biggest rate hike since 1994 on India

The rupee fell 12 paise to close at 78.10 against the US dollar.

Among Asian market peers, Hong Kong, Tokyo, and Seoul ended
with smart gains, while Shanghai ended in the red.

European markets were trading higher in mid-session deals.

The US stock markets were closed on Monday for a holiday.

Also Read| Wall Street enters bear market: What does it mean for investors

“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,” said Vinod Nair, Head of Research at Geojit Financial
Services.

Also Read| India inflation down by 0.75%: What it means for consumers

However, with the highly sensitive nature of the current
equity market, even the slightest inconvenience can trigger volatility, he
added.

Brent crude, the international oil benchmark jumped 1.57% to $115.9 per barrel.

Also Read| Why US inflation is going up and when will it come down

According to stock exchange data, Foreign institutional
investors (FIIs) remained net sellers in the capital market, as they sold
shares worth Rs 1,217.12 crore on Monday.