A relief rally was witnessed on the Indian stock market on Tuesday, with the BSE Sensex rising over 2,500 points.

Along with positive cues from the global markets, healthy buying in banking, energy and finance stocks also supported the domestic indices.

At 3.20 p.m., it was trading at 30,128.04, higher by 2,537.09, or 9.20 per cent from the previous close of 27,590.95.

It had opened at 28,898.36 and touched an intra-day high 30,157.65 and a low of 28,602.31.

The Nifty50 on the Naitonal Stock Exchange was trading at 8,808.65, higher by 724.85 points or 8.97 per cent from its previous close.

Market Benchmark Index Sensex rallied over 1,300 points during the early trade on Tuesday which led to gains in the bank, IT and auto stocks as global equities recovered amid the coronavirus outbreak.

Despite concerns over rising coronavirus cases in the country, domestic equities took positive cues from global stocks and turned positive, traders said.

Foreign institutional investors (FIIs) were net sellers in the capital market, as they offloaded equity shares worth Rs 1,960.97 crore, according to provisional exchange data.

Brent crude futures, the global oil benchmark, rose 2.66 per cent to USD 33.93 per barrel on fresh hopes an OPEC-led meeting this week will reach an agreement to reduce oversupply and shore up the market.

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