In early trading on Tuesday, the equity market benchmark indices Sensex and Nifty rebounded sharply after experiencing a significant decline in the previous session, following a strong recovery in Asian markets.
The 30-share BSE Sensex increased by 1,092.68 points to 79,852.08 in early trading. Similarly, the NSE Nifty surged by 327 points to 24,382.60.
All 30 Sensex companies traded positively during the early session. The biggest gainers included Tata Motors, Tech Mahindra, HCL Technologies, JSW Steel, and Infosys.
Asian markets also experienced a significant rebound, with Seoul, Tokyo, Shanghai, and Hong Kong showing substantial increases. Japan's benchmark stock index rose by over 10 per cent.
The US markets ended with deep cuts on Monday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 10,073.75 crore on Monday, according to exchange data.
Global oil benchmark Brent crude jumped 1.27 per cent to USD 77.27 a barrel.
"When market valuations are elevated, unexpected news and events trigger a market crash. This was what happened yesterday in most asset classes, globally. Fears of recession in the US and unwinding of the Yen carry trade along with tensions in the Middle East contributed to the crash," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
It must be noted that the downturn in India was comparatively less severe than in other markets. Once more, local investors stepped in to support the market by purchasing Rs 9,155 crore in DII while FIIs offloaded Rs 10,073 crore in the cash market, he said.
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