Sensex, Nifty Snap Five-day Losing Streak

Indian shares rose notably on Tuesday as oil prices fell from recent highs and the BJP overtook opposition Indian National Congress during the second phase of counting in Haryana, holding a lead with 50 seats compared to the Congress’ 35.

Oil prices were down nearly 2 percent in European trade as China’s National Development and Reform Commission pledged more measures to boost the Chinese economy but gave little in the way of details.

Also, concerns eased over potential oil supply disruptions, with investors awaiting greater clarity on how Israel will retaliate against Iran.

Some analysts say an attack on Iranian oil infrastructure is unlikely and oil prices could face considerable downward pressure if Israel focuses on any other target.

The benchmark 30-share BSE Sensex jumped 584.81 points, or 0.72 percent, to close at 81,634.81 ahead of the Reserve Bank of India’s (RBI’s) monetary policy decision due on Wednesday.

The broader NSE Nifty index settled at 25,013.15, up 217.40 points, or 0.88 percent, from its previous close.

Trent topped the gainers list to rise nearly 8 percent after launching its lab-grown diamond brand ‘Pome’.

Mahindra & Mahindra, Adani Ports, Adani Enterprises and BEL rallied 4-5 percent.