Mumbai:The BSE Sensex snapped 4-day losing streak and jumped 285 points to 17,731.12 as FIIs picked up bluechips at lower levels despite concerns that high crude oil prices may push up inflation and delay interest rate cuts. (Agencies)
The recently battered sectors -- realty, capital goods, banking, power, metal and auto -- saw strong value buying.
Globally, stock markets were firm in view of approval of a package for debt-ridden Greece and boosted buying sentiment. Asian markets closed with gains of up to 1.65 percent, and European equities opened in the green.
Oil prices slipped a bit on Tuesday, which are at 9-month high levels, bringing slight relief to investors. New York's main contract, light sweet crude for delivery in April, shed 61 cents to USD 107.95, while Brent North Sea crude for April delivery was down 42 cents to USD 123.75 in morning trade.
FIIs continued to buy Indian equities and picked up shares worth Rs 329.09 crore on Monday as per provisional data from the stock exchanges.
The BSE 30-scrip Sensex opened strong and remained in positive terrain throughout the day. It closed at 17,731.12, up 285.37 points or 1.64 percent. The Sensex had lost by 982.86 or 5.33 percent in last four sessions.
The NSE 50-share index Nifty recovered 94.30 points or 1.79 percent to finish at 5,375.50.
"Global cues were firm on Monday and hence the relief rally dominated the market sentiments. Positive openings in European markets further strengthened the momentum," said Shanu Goel, Research Analyst at Bonanza Portfolio.
On Wednesday, the sentiment will be influenced by the announcement of gross domestic product (GDP) numbers for this fiscal's third quarter ended December, she added.
Mumbai:The BSE Sensex snapped 4-day losing streak and jumped 285 points to 17,731.12 as FIIs picked up bluechips at lower levels despite concerns that high crude oil prices may push up inflation and delay interest rate cuts.