The 30-share BSE Sensex closed 207.10 points up at 37,852, on Tuesday, while the broader Nifty 50 ended 79.35 points higher at 11,435.10 breaking a two-day losing streak after retail inflation slowed to a nine month low.
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Retail inflation dropped to 4.17% in July from 4.92% a month ago, on the back of softening food prices and a favourable base.
Earlier in the day the rupee stumbled to an all time low of 70.9 against the dollar but recovered later. Oil prices also rose after a report from Opec confirmed that top exporter Saudi Arabia had cut production to avert looming oversupply.
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