Sensex closes over 1,700 points higher, Nifty ends at 17,352
India Today
The developments come following a report that some Russian troops were returning to their bases in areas near Ukraine.
The share market closed sharply higher on Tuesday, recouping losses from the previous session with broad-based buying. The NSE Nifty 50 index ended up 3.03 per cent or 509.65 points at 17,352.45, while the S&P BSE Sensex jumped 3.08 per cent or 1,736.21 points to 58,142.05. Both the indexes had fallen 3 per cent on Monday.
The developments come following a report that some Russian troops were returning to their bases in areas near Ukraine.
A report on Tuesday quoted Russia's defence ministry as saying some troops adjacent to Ukraine were returning to their bases, a move that could de-escalate frictions between Moscow and the West, according to Reuters.
US stock futures jumped and safe-haven currencies, including the Japanese yen and the Swiss franc, fell after the news.
"Market's move could be more related to settling down of Russia-Ukraine concerns. Since markets started moving beyond a level, some short covering is also happening," said Deepak Jasani, head of retail research, HDFC Securities.
The Nifty auto index, banking index, IT index were the top gainers, adding 4 per cent, 3.4 per cent and 3.1 per cent, respectively.
Among individual stocks, Spicejet advanced 8.8 per cent after reporting quarterly profit against a year-ago loss, while drugmaker Cipla fell 4.5 per cent after its promoter group sold a 2.5 per cent stake in the company. Manappuram Finance tumbled more than 10 per cent on lower quarterly profit.
