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BENGALURU: Indian shares closed sharply higher on Tuesday, recouping losses from the previous session with broad-based buying, following a report that some Russian troops were returning to their bases in areas near Ukraine.

The NSE Nifty 50 index ended up 3.03% at 17,352.45, while the S&P BSE Sensex jumped 3.1% to 58,142.05. Both the indexes had fallen 3% on Monday.

A report on Tuesday quoted Russia's defence ministry as saying some troops adjacent to Ukraine were returning to their bases, a move that could de-escalate frictions between Moscow and the West.

US stock futures jumped and safe-haven currencies, including the Japanese yen and the Swiss franc, fell after the news.

Indian shares tumble 3pc

"Market's move could be more related to settling down of Russia-Ukraine concerns. Since markets started moving beyond a level, some short covering is also happening," said Deepak Jasani, head of retail research, HDFC Securities.

The Nifty auto index, banking index, IT index were the top gainers, adding 4%, 3.4% and 3.1%, respectively.

Among individual stocks, Spicejet advanced 8.8% after reporting quarterly profit against a year-ago loss, while drugmaker Cipla fell 4.5% after its promoter group sold a 2.5% stake in the company. Manappuram Finance tumbled more than 10% on lower quarterly profit.

Meanwhile, BofA Securities cut its December 2022 Nifty target to 17,000 from 19,100 and said the market's breadth was likely to narrow and volatility could rise.

India's corporate earnings could structurally outpace nominal gross domestic growth led by a confluence of multi-year capex, credit growth, start-up cycles and 'growth-focused' fiscal and monetary policies, BofA analysts said.

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