The Sensex is up over 1,300 points, while the rupee is up versus the dollar
After hitting a record low of 77.79 versus the dollar, the rupee began to rebound. The BSE Sensex finished at 54,318.47, up 2.54% or 1,344.63 points.
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Even as LIC dropped in its market debut, the Sensex and Nifty extended gains for a second session as metal stocks surged on prospects of a resurgence in demand as big user China exits Covid-19-related lockdowns.
Tuesday, bond yields crept up, reflecting the rise in global crude oil prices, after the central bank intervened. The rupee closed at 77.56 per dollar.
The NSE Nifty 50 index finished 2.63 percent higher, or 417 points, at 16,259.30, while the S&P BSE Sensex finished 2.54 percent higher, or 1,344.63 points, at 54,318.47.
As London copper and Dalian iron ore prices rose on confidence, Nifty's metal sub-index had its highest session since April 2020, closing 6.9% higher. The lifting of Covid-19 lockdowns in China would result in an increase in demand.
Hindalco Industries, a manufacturer of aluminium and copper, and Tata Steel were the top two percentage gainers on the Nifty 50 index, closing 9.6% and 7.7% higher, respectively.
On Tuesday, 49 of the 50 equities in the Nifty 50 index closed higher, with advances across all major sub-indices.
Automotive Axles closed 12.2 percent higher after reporting a profit increase in the March quarter.
Positive momentum in Asia was boosted by expectations that China's lockdowns will be eased.
