Sensex rebounds 514 points on firm global cues

Mumbai: Equity indices clawed back lost ground on Tuesday, buoyed by a recovery in overseas markets as fears eased about the debt crisis at China's Evergrande group seeping into the global economy.

Investors scooped up IT, finance and metal stocks after the steep correction in the previous session, while a strengthening rupee also bolstered sentiment.

After a choppy start, the 30-share BSE Sensex gained momentum in late-afternoon trade to close 514.34 points or 0.88 per cent higher at 59,005.27. On similar lines, the broader NSE Nifty surged 165.10 points or 0.95 per cent to 17,562. Bajaj Finance topped the Sensex gainers' list with a jump of 4.94 per cent, followed by IndusInd Bank, ITC, Bajaj Finserv, Tata Steel, HCL Tech, Tech Mahindra and Infosys.

On the other hand, Maruti, Bajaj Auto, Nestle India, HDFC Bank, PowerGrid and Axis Bank closed with losses of up to 2.54 per cent. Sectorally, BSE realty, metal, teck, IT and basic material indices rallied as much as 2.93 per cent, while utilities, power, auto and bankex were in the red. Broader BSE midcap and smallcap indices rose up to 0.79 per cent.

Elsewhere in Asia, Hang Seng ended on a positive note, while Nikkei was in the red. Bourses in China and South Korea were closed for holidays.

Stock exchanges in Europe rallied over 1 per cent in afternoon trade.

Meanwhile, international oil benchmark Brent crude rose 0.96 per cent to $74.63 per barrel. Foreign institutional investors were net buyers in the capital market on Monday as they purchased shares worth Rs 92.54 crore, as per exchange data.