Market benchmark index Sensex rallies 541.57 pts to 38,685.59 in the opening session on Tuesday while Nifty jumps 171.10 pts to 11,303.85.
The week started off well for the stock markets as Sensex had advanced over 500 points during the early trade on Monday after the worst week of trade since the 2008 financial crisis. It had lost 1,448 points in a broad-based sell-off on Friday.
Top gainer in the Sensex pack was Sunpharma followed by Tata steel, Reliance, TCS, ICICI, HCL, M&M among others.
On Monday, Sensex wiped out its sharp gains in the last hour of trade to close down by 153 points as detection of fresh coronavirus cases in India spooked domestic investors.
Marking its seventh consecutive session of fall, the 30-share BSE barometer closed 153.27 points or 0.40 per cent lower at 38,144.02 as financial, steel and FMCG stocks tanked on growth concerns.
The broader Nifty of the NSE also shed more than 400 points from its day's high and closed lower by 69 points or 0.62 per cent at 11,132.75.
The death toll due to the novel coronavirus (COVID-19) outbreak in China has risen to 2,943, authorities said on Tuesday, while the number of confirmed cases has reached 80,151.
Chinese health authorities reported 125 new confirmed cases of novel coronavirus infection and 31 deaths on the Chinese mainland, Xinhua reported.
(With inputs from Agencies)