Indian equity markets recovered after a volatile start on Tuesday with the volatility index, India VIX, surging over 7 percent to a 12-year high level of 63.14.
The S&P BSE Sensex was hovering around 31,860 levels, up 487 points, or 1.5 percent after falling as much as 500 points earlier in the session. The Nifty50 index was trading 150 points, or 1.62 percent, higher at 9,340 levels. The majority of the Nifty sectoral indices were trading in the green with the Nifty Metal index, up 3 percent, and Nifty Pharma index, up 2 percent, leading the gains.
Among individual stocks, HDFC Bank and HDFC were both down over 1 percent each. On the other hand, YES Bank continued its uptrend and surged another 30 percent to Rs 48.
In the broader market, the S&P BSE MidCap index was up 33 points, or 0.28 percent, and the S&P BSE SmallCap index was flat.