The Indian equity benchmarks snapped their four-day losing streak on Tuesday after exit polls indicated that Bharatiya Janata Party retaining power in the country's most populous state Uttar Pradesh, which sends the maximum number of MPs to the parliament.
The benchmarks had a rough ride during the session on weak global cues owing to surging crude oil prices amid ongoing conflict between Russia and Ukraine.
The Sensex rose as much as 1,223 points from the day's lowest level and the Nifty 50 index reclaimed its important psychological level of 16,000 after hitting an intraday low of 15,671.
The Sensex advanced 581 points to close at 53,424 and the Nifty 50 index climbed 150 points to end at 16,013.
Hopes of stable and sustained economic reforms by the ruling government were on track after exit polls indicated BJP returning to power in Uttar Pradesh which sends the largest number of MPs to Rajya Sabha, analysts said.
Exit polls indicated that BJP returning to power with an average of 250 seats in the state assembly. While Aam Aadmi Party (AAP) was seen making a majority government in Punjab.
Meanwhile, global markets were trading sharply lower owing to rising oil prices in international markets amid ongoing conflict between Ukraine and Russia. Japan's Nikkei fell 0.94 per cent, Hong Kong's Hang Seng declined 0.4 per cent and Taiwan Weighted dropped 2 per cent.
Back home, buying was visible across sectors as thirteen of 15 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Realty index's over 3 per cent gain. IT shares also witnessed strong buying interest on the back of rupee depreciation against US dollar.
Nifty Bank, Auto, Media, PSU Bank, and Private Bank indices witnessed a bout of short-covering after going into the oversold zone.
On the other hand, recent outperformers from metal and oil & gas shares witnessed selling on account of profit booking.
Broader markets also witnessed buying interest as Nifty Midcap 100 index rose 1.2 per cent and Nifty Smallcap 100 index advanced 1.54 per cent.
Indian Oil was top Nifty gainer, the stock rose 4.23 per cent to close at Rs 117. Sun Pharma, Tata Consumer Products, Cipla, TCS, Tech Mahindra, Dr Reddy's Labs, Wipro, Ultratech Cement, NTPC, Divi's Labs and Hero MotoCorp also rose between 2.2-4 per cent.
On the flipside, Hindalco, ONGC, Tata Steel, JSW Steel, Britannia Industries, UPL, Nestle, Tata Motors, Reliance Industries and Eicher Motors were among the losers.
The overall market breadth was positive as 2,239 shares ended higher while 1,091 closed lower on the BSE.
