Equities recovered from 20-month lows on Tuesday as the benchmark BSE Sensex rose by 291.47 points -- its biggest single-day gain of 2016 -- to 24,479.84, tracking some stability in global markets, while bargain-hunting investors also lapped up recently beaten-down stocks.
All the sectors ended in green with the shares of capital goods, infra, banking and realty helping the index snap a three-day losing streak.
Index heavyweight Reliance Industries perked up by 2.51% to Rs 1,043.60 before its quarterly earnings report.
“Indian markets, especially at open, got a breather, after Chinese GDP numbers came in more or less as expected. Rise in oil also helped sentiment, which was further boosted by rise in European markets,” Anand James, Co Head Technical Research Desk of Geojit BNP Paribas Financial Services.
The BSE Sensex resumed higher at 24,257.28 and hovered in a range of 24,563.34 to 24,247.23 before ending at 24,479.84, showing a gain of 291.47 points or 1.21%.
The index had lost almost 666 points in the previous three days following a massive dip in exports and weak global cues after crude slipped below US $28 a barrel.
Tuesday’s gain was also index’s biggest single-day gain since December 17.
The 50-share NSE Nifty recaptured the crucial 7,400-mark by bouncing 84.10 points or 1.14% to 7,435.10.
In stock-specific action, Anil Ambani-led Reliance Power surged 3.80% after reporting a 38 per cent rise in consolidated profit to Rs 351.81 crore for December quarter.
Meanwhile, China’s economy grew 6.8 per cent in the fourth quarter, data released on Tuesday showed, easing from 6.9% in the third quarter. This was the weakest pace of expansion since the first quarter of 2009.
But, hopes of fresh stimulus by the policymakers in China gave a boost to the global shares.
The Shanghai Composite index ended with a gain of 3.22%. In Hong Kong, the Hang Seng index rose 2.07 per cent, while indexes in Japan, Singapore, South Korea and Taiwan rose by 0.56% to 1.75%.
From Europe, shares listed in France, Germany and the UK rose between 1.53% and 2%.