Mumbai, March 17 Benchmark stock indices Sensex and Nifty rallied for the second consecutive day on Tuesday, closing higher by nearly 1%, following a rally in metal and auto shares and a positive trend in global markets.
The 30-share BSE Sensex jumped 567.99 points or 0.75% to settle at 76,070.84. During the day, it surged 801.41 points or 1.06% to 76,304.26.
The 50-share NSE Nifty climbed 172.35 points or 0.74% to end at 23,581.15.
Of the 30 Sensex firms, Eternal saw the biggest gains, up 5.70%. Tata Steel, Mahindra & Mahindra, Bharat Electronics, Larsen & Toubro, and Bharti Airtel were also among the major gainers.
Infosys, Bajaj Finance, ITC, Tata Consultancy Services, and HCL Tech were among the biggest losers.
In Asian markets, South Korea's benchmark Kospi jumped 1.63%, while Hong Kong's Hang Seng index ended marginally higher. Japan's Nikkei 225 index and Shanghai's SSE Composite index closed lower.
Markets in Europe were trading higher. The US market ended higher on Monday.
"Indian equities extended their recovery for a second consecutive session, supported by easing volatility and selective sectoral strength, although underlying caution continues to shape market behaviour. A key positive was the sharp decline in India VIX, which dropped 8% to sub-20 levels," Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.
Sectorally, the rebound was led by the automobile space, with the Nifty Auto index gaining 2%, he added.
Brent crude, the global oil benchmark, jumped 2.44% to $102.7 per barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,365.52 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 12,593.36 crore.
On Monday, the Sensex jumped 938.93 points or 1.26% to settle at 75,502.85. The Nifty climbed 257.70 points or 1.11% to end at 23,408.80.