A better than expected showing from the ruling BJP in state polls and Chinese stocks hitting a speedbump saw the benchmark indices ending a six-session losing run on Tuesday.

The Sensex rallied more than 584 points and the Nifty 217.40 points even as investors focussed their attention towards the monetary policy decision on Wednesday.

Brokers said value buying in stocks contributed to the positive finish. They added investor sentiment improved after voting trends showed the BJP coming back to power for the third time in Haryana.

This is expected to give more confidence to the ruling party ahead of two other state elections later this year.

Moreover, the Haryana win could see the government continuing with its reform measures. A loss could have seen it resorting to populist steps.

The fall in Chinese stock prices was another factor behind the buying support.

The much expected briefing from China’s National Development and Reform Commission on stimulus measures disappointed investors.

While the Hang Seng Index plummeted 9.41 per cent, the Shanghai Composite Index was up 4.59 per cent.

Indian investors were apprehending foreign fund outflows to China on account of relatively cheaper valuations in the world’s second-largest economy amid expectations of stimulus measures.

The moderation in crude oil prices was another comforting factor for the markets. Brent crude was trading at 3.14 per cent lower at $78.30 at the time of this report.

The 30-share BSE Sensex gained 584.81 points or 0.72 per cent to close at 81634.81 after jumping 713.28 points to hit an intra-day high of 81763.28.

On the NSE, the Nifty rose 217.40 points to 25013.15.

“After sessions of corrections, India is getting some support at the level of 25800 for Nifty 50. Good state election result for the ruling party, contrary to the exit polls, has brought some optimism in the domestic market,” Vinod Nair, head of research at Geojit Financial Services, said.

The focus is now on the monetary policy announcement on Wednesday: markets are not expecting a rate cut, but any dovish comments from the RBI could lead to a rally in interest rate sensitive stocks.

Some economists have forecast a change in the central bank’s stance to neutral which indicates that it is open to reducing interest rates in the future.

Adani Ports was the top gainer in the Sensex pack as it rose 4.76 per cent.

It was followed by Mahindra & Mahindra, Reliance, HDFC Bank, Larsen & Toubro, NTPC, State Bank of India, UltraTech Cement and Kotak Mahindra Bank which gained up to 3.42 per cent.

Tata Steel, Titan, Bajaj Finserv, JSW Steel, Bajaj Finance, Hindustan Unilever, ITC, Tata Motors and TCS lost up to 2.89 per cent.