Closing Bell: Indian market rebounds, Nifty scales 17,350

Domestic equity bourses Sensex and Nifty soared around 3% on Tuesday, a day after their worst fall in 10 months after gains in IT shares pushed the headline indices higher.

After two days of relentless selling, domestic headline indices staged a blockbuster led by buying across all sectors amid signs of de-escalating tensions between Russia and Ukraine. News agency Reuters reported that some troops in Russia's military districts adjacent to Ukraine are returning to their bases after completing drills. Both the domestic benchmarks had crashed 3% on Monday, marking the worst fall in 10 months. The market broke the two-day losing streak and scaled higher with Nifty above 17,300 led by buying across the sectors.

At the closing bell on February 15, the Sensex was up 1,736.21 points or 3.08% at 58,142.05, and the Nifty was up 509.70 points or 3.03% at 17,352.50. On the market breadth, around 1996 shares have advanced, 1286 shares declined, and 90 shares are unchanged.

Top Nifty gainers on a positive day were Tata Motors, Eicher Motors, Bajaj Finance, Shree Cements and Hero MotoCorp, while there were only two losers namely Cipla and ONGC.

Among the buzzing stock, Tata Motors was the top Nifty gainer as it soared 6.69% to Rs 503.

On a sectoral basis, all indices ended in the green led by auto, bank, realty, capital goods, PSU bank, IT and FMCG up 2-3%. In the broader market, BSE midcap and smallcap indices rose 2% each.

On the 30-share BSE platform, Bajaj Finance, SBI, Bajaj Finserv, L&T, Titan, Wipro and Asian Paints attracted the most gains with their shares rising as much as 5.13%.

In other economic updates, core inflation remained sticky at 6% YoY (vs. 6.1% YoY in the previous month), reflecting gradual pass-through of higher input costs to the consumers. Price pressure in rural areas (6.1% YoY) was higher than in urban areas (5.9% YoY).