Stock Market: On account of huge rally in the Sensex heavyweight Reliance Industries share price, the Indian indices closed on the higher side on Tuesday. The BSE Sensex shot up 753 points and closed at 37,695 levels while the NSE Nifty index surged 211 points and closed at 11,102 levels. Bank Nifty index soared 415 points and closed at 21,487 levels.

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Speaking on the bounce-back at Indian indices Sanjiv Bhasin, Direct at IIFL Securities said, "This bounce-back may continue on tomorrow but it will be short-lived as much depends upon the Reserve Bank of India (RBI) credit policy coming on 6th August 2020." NBFC shares will continue to remain weak while IT stocks will remain strong.

Urging traders to remember the NSE Nifty ragne Prakash Pandey, MD & CEO at Plutus Advisors said, "NSE Nifty is trading in the range of 10,900 to 11,200. Till Nifty is trading in this range, any dip should be seen as buying opportunity.

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Shares of Firstsource Solution, Reliance Industries, Rajesh Exports, Apollo Tyres, Bliss GVS Pharma, Hindustan Auronauticals Limited or HAL, Maruti Suzu7ki India Limited or MSIL and KRBL were amoing the leading gainers in the intraday trade session while shares of Eris Lifesciences, Omaxe, Jubilant Life Sciences, MphasiS, Deepak Fertilisers, Tech Mahindra and Reliance Power were among the leading losers in the intraday trade session.

Energy stocks led the bull run as the BSE Energy index shot up 5.6 per cent. Energy major and Sensex heavyweight Reliance Industries shares that contains around one sixth of the Sensex movemement skyrocketed 7.51 per cent, Hindustan Oil Exploration Company shares shot up 5 per cent, shares of Confidence Petroleum India went up 4.25 per cent, Selan Exploration Technology stocks went northward 3.81 per cent while Bharat Petroleum Corporation Ltd or BPCL share price tanked 2.48 per cent.

In banking sector, HDFC Bank share price 3.94 per cent, RBL Bank shares surged 4.18 per cent, shares of ICICI Bank rose 2.23 per cent, Axis Bank stock price jumped 2.77 per cent while Kotak Mahindra Bank scrip added 1.28 per cent.

At the major Asian markets, the Japanese Nikkei 225 index skyrocketed 1.70 per cent, South Korean Kospi soarede 1.29 per cent, Hong Kong's Hang Seng surged 2.00 per cent while Shanghai index added 0.11 per cent.

At the Wall Street on Monday, Dow Jones index rose 0.89 per cent, Nasdaq shot up 1.47 per cent, SmallCap 2000 escalated 1.80 per cent while S&P 500 jumped 0.72 per cent.