Mumbai: The Bombay Stock Exchange benchmark Sensex on Tuesday bounced back by 217 points as easing political concerns and softening crude prices lifted buying sentiment.

The 30-share Sensex opened on a strong note on a slew of positive trends on domestic and global front and sustained the buying momentum to close 216.98 points, or 1.19 per cent, higher at 18,439.65 points.

The National Stock Exchange's Nifty too rebounded by 57.65 points, or 1.06 per cent, to settle at 5,520.80 points.

Markets had nosedived on Monday with fresh political crisis emerging with UPA ally DMK announcing pull out of its ministers from the central government.

Brokers attributed the rise today to many positive cues including easing political crisis.

"Markets ended up, amid stability in global markets and softening crude Prices. IT stocks saw buying as stability in global markets improves the outlook for the industry.

"Financials also performed amid positive developments for the sector like proposed capital infusion in few PSU Banks, lowering Bond Yield," Motilal Oswal Securities Manager & Analyst Bhavin Desai said.

Dravida Munnetra Kazhagam (DMK) putting on hold resignation of its six ministers from the Congress-led UPA government at the Centre also helped the buying sentiment.

Market participants said that the fall in global crude oil prices, which was the main weighing factor on the market, as well as firm global trends supported the local bourses.

IT stocks rose as recent strong US economic data showed a recovery in economy.

They also said that the next trigger will be the announcement of fourth quarter results in the month of April.

The BSE Teck index gained the most among sectoral indices rising by 1.98 per cent. The IT index rose by 1.90 per cent, after heavyweight Infosys gained 2.53 per cent. The BSE metal index gained 1.49 per cent, while the bankex by 1.48 per cent.

Among the 30 Sensex stocks, 25 scrips closed with gains while four ended in losses and HUL held steady.

Bharti Airtel was the top gainer with a rise of 3.16 per cent followed by Tata Motor (2.91 per cent) and ONGC (2.90 per cent). Jaipra Associates jumped by 2.37 per cent, Tata Steel by 1.94 per cent and DLF by 1.90 per cent.

The total market breadth turned positive as 1,777 stocks gained ground while 1,059 that finished with losses on the BSE. The total market turnover improved to Rs 2,874.88 crore from Rs 2,442.57 crore on Monday.

Asian stocks ended higher on low level buying after recent fall. The key indices in Hong Kong, Japan, South Korea, Taiwan, China and Singapore closed up between 0.15 and 1.71 percent.

European markets were trading marginally higher in their afternoon deals. The CAC was up by 0.27 per cent, the DAX by 0.66 per cent and the FTSE by 0.28 per cent.

(Agencies)