The market recovered sharply amid consolidation in early trade Tuesday, backed by short covering after yesterday's steep collapse led by global rout. The Sensex gained 308.79 points or 1.20 percent at 26050.35 and the Nifty rose 94.30 points or 1.21 percent to 7903.30. About 488 shares have advanced, 371 shares declined, and 33 shares are unchanged on the BSE.
Hindalco, Tata Steel, Vedanta, SBI, ICICI Bank, Yes Bank and Tech Mahindra were early gainers, up 2.5-4.5 percent. However, NMDC, Dr Reddy's Labs and NTPC saw some selling pressure. The Indian rupee has rebounded in early trade Tuesday on hopes of likely recovery in equity markets after yesterday's global carnage. The currency gained 10 paise to open at 66.55 per dollar today against previous day's closing value of 66.65 a dollar. It extended its recovery to 66.40 a dollar, up 23 paise in morning trade.
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