Domestic market is gaining ground amid a positive rebound in the global market. The rebound was broad-based while mid and small caps outperformed as the bargain opportunity led investors to accumulate the beaten-down stocks.
Gold on Tuesday dipped by Rs 172 to Rs 47,246 per 10 gram amid rupee appreciation.
The rupee notched up gains for a third straight session on Monday, rising further by 16 paise to settle at 75.90 (provisional) against the US dollar as easing crude oil prices revived an otherwise lacklustre sentiment.
NSE Nifty50 fell by 527.25 points or 3.10 per cent to 16,457.95 points.
The rupee on Tuesday declined by 10 paise to close at an 18-month low level of 75.88 against the US dollar due to persistent foreign fund outflows and concerns over inflation.
Besides, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 17,044 points after closing at 17,176 on Tuesday.
"Both Sensex and Nifty closed with gains of over 1.5 per cent. Buying was witnessed in banking metals and auto stocks ahead of the RBI meeting on interest rates."
Equity benchmark Sensex tumbled over 300 points in early trade on Monday, tracking losses in index majors Infosys, HDFC Bank and ICICI Bank amid concerns over the spread of the Omicron variant in the country and weak cues from global markets.
The rupee on Tuesday pared its initial gains to settle 10 paise lower at 75.17 (provisional) against the US dollar as investor concerns grew over fresh impact of new COVID variant on the economy.
Asian markets were also down as investors continued to assess the risks to the economic recovery posed by the new COVID variant Omicron.
The rupee on Friday plunged by 37 paise against the US dollar as investors turned cautious in view of massive selloffs in domestic equities and worries over a new variant of COVID-19.
The rupee depreciated by 12 paise to end at 74.42 (provisional) against the US dollar on Monday, as massive sell-offs in domestic equities and a strong greenback in the overseas market weighed on investor sentiments.
Equity benchmark Sensex rallied 767 points on Friday on heavy buying in index majors Infosys, HDFC Bank and Reliance Industries amid a positive trend in global markets.
The rupee tumbled by 32 paise to end at 74.37 against the US currency on Wednesday, weighed down by a muted trend in domestic equities and strength of the American currency in the overseas market.
European markets opened weak even as the ECB decided to keep policy rates unchanged despite the inflationary pressure. US futures were trading in red following slow GDP growth and disappointing earnings from tech giants, he noted.