The Indian equity benchmarks recovered from intraday low levels led by gains in index heavyweights like Reliance Industries, Infosys, Tata Consultancy Services, Tech Mahindra, ITC and Bharti Airtel. The Sensex rose as much as 725 points from the day's lowest level and Nifty 50 index touched an intraday high of 17,167 after hitting low of 17,006.
As of 1;12 pm, the Sensex was up 360 points at 57,653 and Nifty 50 index climbed 66 points to 17,207.
Asian shares were mostly higher Tuesday as investors eyed the war in Ukraine, inflationary risks and surging energy prices.
Benchmarks rose in morning trading in Japan, South Korea, Australia and Hong Kong, but edged lower in Shanghai.
The Russian war on Ukraine and Western sanctions on Russia are adding to worries over energy supplies for Europe, surging prices and progress toward economic recoveries from the pandemic.
Back home, twelve of 15 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Realty index's 2 per cent decline. Nifty Consumer Durables, PSU Bank, FMCG, Auto and Bank indices also fell between 0.5-1.15 per cent.
On the other hand, IT, Oil & Gas and Metal shares were witnessing buying interest.
Mid- and small-cap shares were trading on a subdued note as Nifty Midcap 100 index fell 0.4 per cent while Nifty Smallcap 100 index was trading on a flat note.
ONGC and Reliance Industries were among the top Nifty gainers after crude prices in international markets soared to $112.65 a barrel.
Indian Oil and Bharat Petroleum added over 1.5 per cent each after the oil retailers increased petrol, diesel and LPG prices after over four months. Petrol and diesel prices were on Tuesday hiked by 80 paise a litre each while domestic cooking gas LPG rates were increased by Rs 50 per cylinder as state oil firms ended an over four-and-half month election-related hiatus in rate revision, fanning inflation fears.
Tech Mahindra, TCS, Infosys, Power Grid, HDFC Life, Bharti Airtel, Bajaj Finserv, Wipro and Kotak Mahindra Bank were also among the gainers.
On the flipside, Nestle India, Hindustan Unilever, Britannia Industries, Cipla, Tata Consumer Products, Mahindra & Mahindra, Asian Paints, Maruti Suzuki, State Bank of India, Eicher Motors and Titan were among the top losers in the Nifty 50 basket of shares.
The overall market breadth was negative as 1,870 shares were declining while 1,405 were advancing on the BSE.
