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Tata Steel was the top gainer in the Sensex pack, advancing nearly 4 per cent, followed by Axis Bank, ICICI Bank, Kotak Bank, SBI and Bajaj Finance.
NSE Nifty rallied 264.45 points to 17,176.70.
Recovering from a two-session carnage, equity benchmark Sensex rebounded 887 points on Tuesday, led by gains in index majors ICICI Bank, HDFC twins and Infosys amid a positive trend in global markets.
According to experts, global equity markets are slightly relieved after studies pertaining to the Omicron strain of COVID-19 suggest that even though it is fast spreading, it is largely milder than the Delta variant.
The 30-share BSE Sensex ended 886.51 points or 1.56 per cent higher at 57,633.65.
Similarly, the broader NSE Nifty rallied 264.45 points or 1.56 per cent to 17,176.70.
Tata Steel was the top gainer in the Sensex pack, advancing nearly 4 per cent, followed by Axis Bank, ICICI Bank, Kotak Bank, SBI and Bajaj Finance.
On the other hand, Asian Paints was the sole laggard.
"Markets rebounded sharply after two days of the selloff on account of positive global cues.
"Investors are following the buy-on dip strategy and thus accumulating quality stocks at a cheaper price," said Arijit Malakar, Head Research (Retail) of Ashika Stock Broking.
Further, he said studies pertaining to the Omicron strain of COVID-19 have shown that it is largely milder than the Delta variant and that provides some relief to global equity markets.
Additionally, RBI is expected to keep the interest rates steady when the MPC will announce the outcome of its meeting on December 8, Malakar added.
Elsewhere in Asia, bourses in Shanghai, Hong Kong, Seoul and Tokyo ended with gains.
Photograph: Danish Siddiqui/Reuters