European stocks and U.S. futures rose Tuesday after a report fuelled optimism that Russia is de-escalating tensions with Ukraine. Russia said Tuesday that some forces deployed near Ukraine were beginning to return to their bases, after a build-up of Moscow’s army around Ukrainian borders spurred fears of an invasion.

After a bruising sell-off on Monday, Indian equities rebounded today to close higher, aided by reports of some de-escalation in tensions between Russia and Ukraine. Gains on domestic bourses were led by banks, auto, IT, metal and FMCG stocks.

The Sensex surged 1,736.21 points or 3.08% to close the day at 58,142.05, and the Nifty rose 509.70 to 17,352.50. 

On the Nifty, Tata Motors, Eicher Motors, Bajaj Finance, Shree Cements and Hero MotoCorp were the top gainers, while Cipla and ONGC were worst hit. Forty eight of 50 Nifty stocks closed higher.

All sectoral indices ended higher, with auto, realty, IT, FMCG stocks, banks, PSU banks up 2-4%. BSE MidCap and SmallCap indices rose 2% each.

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