Stock markets rebounded sharply on Tuesday, a day after facing the worst drubbing in 10 months, as benchmark Sensex recouped 1089 points after across-the-board buying amid a rally in Asian and European markets.
Snapping its three-day decline, the 30-share Sensex jumped 1.49 per cent to settle at 74227.08 with 29 of its components ending in the green. During the day, it climbed 1721.49 points to 74859.39.
The NSE Nifty surged 374.25 points, or 1.69 per cent, to 22535.85, snapping the three-day losing run. Intra-day, the benchmark soared 535.6 points to 22697.20.
In Asian markets, Tokyo’s Nikkei 225 index, Hong Kong’s Hang Seng, Shanghai SSE Composite index and South Korea’s Kospi settled in the positive territory after falling sharply on Monday. European markets were quoting higher. However, US stocks retreated on the news that the US will impose 104 per cent duties on imports from China from Wednesday.
Declining for the third session, the rupee tumbled 50 paise to settle at 86.26 on Tuesday, logging the maximum single-day loss in nearly three months amid a looming global trade war stoking fears of economic meltdown.