After a day of crash, the domestic benchmark indices Sensex and Nifty traded on a positive note on Tuesday led by the banking stocks.

Sensex and Nifty rose 0.6% each to 71,555 and 21,743, respectively. Broader markets, too, saw some respite after undergoing selling pressure as Nifty Midcap 100 and Nifty Smallcap 100 indices rose up to 0.3%.

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As the final phase of the corporate earnings season approaches, analysts anticipate Nifty to fluctuate within the range of 21,100 to 22,000 in the short term, as investors seek out the next catalyst for market movement.

The S&P BSE Sensex ended the session 483 points, or 0.68%, higher at 71,555 levels, while the Nifty50 shut shop with gains of 127 points, or 0.59%, at 21,743 levels.

The BSE Midcap index rose 0.61% while the Smallcap index ended with a small gain of 0.18%.

The domestic market largely recovered from yesterday’s losses. Improved sentiment stemmed from a decline in domestic inflation, which is expected to boost rural demand.

ICICI Bank, Axis Bank, Kotak Bank, Wipro, NTPC, IndusInd Bank, and Reliance Industries were the top Sensex gainers, rising in the range of 0.7% to 2.3%.

The overall market capitalisations of the BSE-listed firms rose to nearly Rs 380.8 lakh crore from nearly Rs 378.8 lakh crore in the previous session, making investors richer by about Rs 2 lakh crore in a single session.

Weak global cues, however, capped the gains of the domestic market as investors waited for the US inflation data which will influence the policy decisions of the US Federal Reserve.

Sectorally, Bank Nifty emerged as the winner on February 13 as it rose 1.3 per cent to 45,502 led by gains in PNB, ICICI Bank, Axis Bank, and Kotak Mahindra Bank.

Nifty Metal index dropped over 1.9%, followed by the Nifty Media index down 0.2%. On the upside, the Nifty Bank, Financial Services, PSU Bank, and Private Bank indices added over 1% each.

Barring Nifty Metal and Media, all indices ended higher.

Reliance Industries also emerged among the top contributors to the market gains, as the stock hit its new record high during the trading session.

Market participants are expecting rate cuts by the Fed this year. However, recent strong US data has dampened expectations of rate cuts as early as March.