At close, the Sensex was up 198.44 points or 0.34 percent at 58,664.33. The broader Nifty was up 86.80 points or 0.50 percent at 17,503.30. About 2346 shares have advanced, 829 shares declined, and 153 shares are unchanged.
Major gainers on the Nifty on Tuesday were JSW Steel, Coal India, Power Grid Corp, NTPC and Tata Steel while IndusInd Bank, Asian Paints, Infosys, Bajaj Auto and Wipro were the major losers.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities said, "Nifty gave a recovery of over 300 points after making a low of 17,211. It closed at 17,490, up by 80 points. Nifty is currently in a short-term down trend and traders are suggested to exit longs in all upside rallies. Nifty has resistance in 17,600-17,700 range. A close above 17,850 with higher than average volumes will be the bullish confirmation to initiate new longs."
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, "Buying in late trade helped the market to recover from intraday volatile session. Nifty found support near 17,200 and reversed sharply. The short term formation is still on the weaker side, but due to the extremely oversold situation the market registered a technical bounce back. It has also formed a bullish candle, indicating further upside from current levels. For day traders, 17,400 would be the key level to watch out for. Above the same, a pullback rally can continue up to 17,600-17,650 levels. On the flip side, below 17,400, there is a strong possibility of one more leg of correction till 17,330-17,280."