Stock market benchmark indices Sensex and Nifty ended higher on Tuesday, as a drop in crude oil prices and a rally in global markets calmed investors' sentiment.

Also, buying in IT stocks aided recovery in the markets after early losses.

The 30-share BSE Sensex jumped 509.73 points, or 0.69 per cent, to settle at 74,616.58. During the day, it hit a high of 74,686.32 and a low of 73,282.41, gyrating 1,403.91 points.

The 50-share NSE Nifty climbed 155.40 points, or 0.68 per cent, to end at 23,123.65.

From the 30-Sensex firms, Tata Consultancy Services, HCL Tech, Infosys, Bharti Airtel, Sun Pharma, and Hindustan Unilever were among the major gainers.

InterGlobe Aviation, Adani Ports, Mahindra & Mahindra, and Titan were among the laggards.

Brent crude, the global oil benchmark, dropped 0.71 per cent to USD 109 per barrel.

"Indian markets staged a sharp intra-day recovery, with Nifty reversing early losses to reclaim higher levels, driven largely by short-covering and selective sectoral strength rather than broad-based buying conviction," Hariprasad K, Research Analyst and Founder, Livelong Wealth, said.

A key driver of today's rally was strong outperformance in the IT sector, which acted as a defensive anchor, he said.

In Asian markets, South Korea's benchmark Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index ended higher. Markets were closed in Hong Kong for a holiday.

European markets were trading in positive territory, while US markets ended higher on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,167.17 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 8,088.70 crore.

On Monday, the Sensex jumped 787.30 points, or 1.07 per cent, to settle at 74,106.85. The Nifty edged higher by 255.15 points, or 1.12 per cent, to end at 22,968.25.