Stock markets were in rebound mode on Tuesday after opening higher in morning trade and closing on an uptick of 595 points amid hopes of a positive outcome to the stalled US-India trade talks.
The 30-share BSE Sensex jumped 594.95 points or 0.73 per cent to settle at 82,380.69. During the day, it surged 657.74 points or 0.80 per cent to 82,443.48.
The 50-share NSE Nifty climbed 169.90 points or 0.68 per cent to 25,239.10.
Chief negotiators of India and the US have commenced talks on the proposed trade agreement to iron out issues in the wake of steep tariffs that have created uncertainties for exporters, an official said on Tuesday.
Meanwhile, Asian and US stock markets also marked a rally ahead of the US Federal Reserve’s policy meeting on September 16, which has instilled optimism in trade analysts and investors.
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Among the Indian Sensex firms, Kotak Mahindra Bank, Larsen & Toubro, Mahindra & Mahindra, Maruti, Bharti Airtel and Tata Steel were the major gainers.
However, Asian Paints and Bajaj Finance were the laggards.
"The domestic market sustained its recovery trend, supported by favourable global cues on expectations of a 25 bps rate cut in the forthcoming US Fed policy decision and renewed optimism surrounding the resumed India-US trade negotiations,” observed Vinod Nair, Head of Research, Geojit Investments Limited, said.
"Auto and consumer durable stocks outperformed, ahead of the rollout of new GST rates and festive-driven demand expectations," he added.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index settled in positive territory while Hong Kong's Hang Seng ended lower.
Markets in Europe were trading lower, while the US markets ended higher on Monday.
Global oil benchmark Brent crude declined 0.55 per cent to USD 67.07 a barrel.
Foreign institutional investors (FIIs) offloaded equities worth ₹1,268.59 crore on Monday, according to exchange data.
On Monday, the Sensex declined by 118.96 points or 0.15 per cent to settle at 81,785.74 after five days of rally. The Nifty settled lower by 44.80 points or 0.18 per cent to 25,069.20, halting its eight days of uptrend.
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