Mumbai

Benchmark stock indices BSE Sensex and Nifty 50 rebounded on Tuesday, ending nearly 1 per cent higher after two days of sharp losses, as crude oil prices declined and global markets rallied amid hopes of easing tensions in West Asia.

The 30-share BSE Sensex jumped 639.82 points or 0.82 per cent to settle at 78,205.98. During the day, it surged 960.09 points or 1.23 per cent to 78,526.25.

The 50-share Nifty 50 climbed 233.55 points or 0.97 per cent to close at 24,261.60.

Global oil benchmark Brent crude dropped sharply by 9.03 per cent to USD 90.26 per barrel, helping ease investor concerns.

Among Sensex constituents, major gainers included Mahindra & Mahindra, InterGlobe Aviation, Maruti Suzuki, ICICI Bank, Asian Paints and UltraTech Cement.

However, Eternal, Infosys, Reliance Industries and Bharti Airtel ended among the laggards.

In Asian markets, Kospi of South Korea rebounded sharply by 5.35 per cent, while Nikkei 225 of Japan gained 2.88 per cent. SSE Composite Index in China and Hang Seng Index in Hong Kong also ended higher.

Markets in Europe were trading firmly in positive territory, while US markets had closed higher on Monday.

Ponmudi R, CEO of Enrich Money, said the rebound followed signs of possible de-escalation in the Middle East conflict after Donald Trump hinted at a potential early end to the war involving Iran.

According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 6,345.57 crore on Monday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 9,013.80 crore.

Hariprasad K, founder of Livelong Wealth, said Indian equities rebounded strongly as easing geopolitical tensions and falling crude prices helped restore investor confidence after recent volatility.

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On Monday, the Sensex had plunged 1,352.74 points or 1.71 per cent to close at 77,566.16, while the Nifty dropped 422.40 points or 1.73 per cent to end at 24,028.05.