Mumbai, April 15 (IANS) Indian stock markets saw a strong rally on Tuesday as benchmark indices surged over the 90-day reciprocal tariffs relief by the US administration, amid similar relief likely for the automotive sector.

The Sensex opened with a sharp jump of nearly 1,700 points at 76,852 and quickly touched the intra-day’s high of 76,908. The index then moved in a narrow range near the day’s peak, supported by strong buying in private banks, metal stocks, IT companies, and infrastructure-related shares.

By the end of the session, the Sensex had gained 1,578 points, or 2.1 per cent, to close at 76,735. Among the index heavyweights, HDFC Bank, ICICI Bank, and Axis Bank together accounted for nearly 50 per cent of the day’s gains, contributing around 750 points to the overall rally.

Similarly, the Nifty opened at its day’s high of 23,368 and settled just slightly lower at 23,329, rising 500 points or 2.2 per cent for the day.

Global markets, especially in the US, have recently seen a smart rebound, largely on hopes that President Donald Trump may announce more tariff exemptions, which lifted investor sentiment worldwide.

“Markets are adjusting the new reality of daily Trump twists and turns,” said Vikas Gupta, CEO and Chief Investment Strategist at OmniScience Capital. He added that sometimes when tariffs look like they have been temporarily removed the markets will react positively, when something unexpected happens they will react negatively.

Among the top gainers on the Nifty were IndusInd Bank, Shriram Finance, Larsen & Toubro, Tata Motors and Axis Bank.

Broader market indices, including the Nifty 500, Midcap, and Small Cap indices, also traded firmly in the green.

Among sectoral performers, Realty, Automobiles, Metals, Financial Services, and Media emerged as the top gainers.

“Further optimism was fuelled by reports that President Trump is considering similar tariff relief for the automotive sector,” Sundar Kewat of Ashika Institutional Equity said.

The Indian rupee also strengthened against the US dollar, ending 28 paise higher at 85.77 compared to Friday’s closing rate of 86.05.