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Indian benchmark indices, the Nifty and the Sensex, rose in excess of 2.7 per cent on Tuesday.
The Nifty closed at 4,765.30, up 129 points (2.77 per cent) and the Sensex closed at 15,939, up 421 points (2.72 per cent).
Analysts attributed the sharp rally to short-covering. Banking and metal stocks led the rally on Tuesday.
Metal stocks recovered the erosion in prices that had happened in the last few trading sessions mainly due to the announcement of an increase in export duty of ore from 20 to 30 per cent.
“Let the show continue,” said the Head of Research of an Indian brokerage. “It is interesting to note that despite Bloomberg reporting that the world’s largest economies face $7.6 trillion debt maturing this year and the IMF cutting its global growth number from 4.5 per cent to four per cent, markets have rallied.”
The volatility index India Vix lost five per cent to close at 26.16. Hero Motocorp, Ambuja Cement, BPCL and M&M were the only four losers on the Nifty on Tuesday.
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