Despite a dismal trend in global markets due to the Ukraine crisis, the Sensex rebounded almost 315 points to trade at 56,721 in early trade on Tuesday, owing to the emergence of purchasing, mostly in IT and FMCG sectors.

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The 30-share Sensex began the day on a good note, and as the morning trade proceeded, it added to its gains. It was trading at 56,721.45, up 315.61 points or 0.56%. Similarly, the NSE barometer Nifty was up 128 points, or 0.76%, at 16,970.80. HUL, Wipro, Tech Mahindra, Titan, and Infosys were the key drivers of the Sensex, with gains of up to 1.55%.

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On Monday, the BSE Sensex fell 1,747.08 points, or 3%, to close at 56,405.84. This was the most significant single-day decline since February 26, 2021. Similarly, the NSE Nifty fell 531.95 points, or 3.06%, to 16,842.80, falling below the critical 17,000-level for the first time this year. In the preceding two days, investors lost more than Rs 12.38 lakh crore.

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“Markets – stocks, bonds, crude, gold – have turned highly volatile on fears arising from the Russia-Ukraine tensions. The Indian stock market, being expensively valued, corrected the most among emerging markets with Sensex declining 3 per cent yesterday,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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In other parts of Asia, bourses were trading down on worries of a Russian invasion of Ukraine. The US government has threatened Russia with grave repercussions if its forces attack Ukraine.

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According to stock exchange statistics, foreign institutional investors (FIIs) were net sellers in the capital market on Monday, offloading shares worth Rs 4,253.70 crore.

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On Tuesday, the global crude oil benchmark Brent Futures slid 0.61% to USD 95.89 a barrel. In early trade, the rupee falls 9 paise to 75.69 against the US dollar.