Sensex closes up over 500 points; Nifty ends at 8,678

India's key equity benchmark indices closed up in green on Tuesday on the back of value buying, positive global indices, higher crude oil prices and stronger rupee.

The 30-scrip Sensex index of BSE closed up 1.89%, or 520.91 points, at 28,050.88 on the exchange on Tuesday. 

Similarly, the 50-scrip Nifty index of the National Stock Exchange (NSE) ended up 1.85%, or 157.50 points, at 8,677.90 on the exchange. 

According to IANS news report, higher global crude oil prices and hopes of healthy quarterly results also supported the upward trajectory at the key indices. 

On Monday, the Indian equity markets closed in the red due to lower earnings guidance from IT majors, along with heightened chances of a US rate hike and outflow of foreign funds.

"Positive global indices and value buying supported the upward movement at the equity markets,"  the news agency reported quoting Geojit BNP Paribas Financial Services chief market strategist Anand James as saying.

"Higher global crude oil prices and an appreciation in rupee enhanced investors' risk-taking appetite," James said.