STOCK MARKET CLOSING UPDATES: The BSE's benchmark Sensex gained by more than 578 points on Tuesday, while the NSE Nifty also recorded gains of almost 200 points. 

These gains were mirrored by stock markets around the world, which appear to have accepted economists' predictions for another significant Fed rate hike this week amid higher inflation in the US.

The benchmark BSE Sensex rose today by 578.5 points, or 0.98 percent, to close at 59,720.  The NSE Nifty50 added 194 points, or 1.1 percent, to close at 17,816. The index's peak for the day was 17,919. The Nifty MidCap and SmallCap indices increased by a combined 1.4 percent in the larger markets.

Midway through the session, the Sensex briefly crossed the crucial 60,000-level before settling at 59,720, up 578 points or 0.98 percent, marking its second straight session of advances.

The Nifty Pharma index, which increased by around 3 percent today, served as the catalyst for the broad-based gain. In addition, the Nifty Auto and Private Bank indices also increased by 1.7 percent. The Nifty PSU Bank index made the smallest gains, rising just 0.5 percent.

Sun Pharma, IndusInd Bank, Dr. Reddy's, Tata Steel, Titan, and Asian Paints were notable gainers on the Sensex chart, increasing by as high as 4.23 percent. Nestle, Infosys, ITC, PowerGrid, and Reliance, on the other hand, were on the losing team.

Larger, smaller, and midcap BSE indices all increased by 0.95 percent, 0.97 percent, and 1.62 percent, respectively.

International Markets: Following a recovery in the closing hour of Wall Street trade, bourses in other parts of Asia experienced strong buying on Tuesday amid expectations that the market had already factored in a significant Federal Reserve interest rate increase this week to combat inflation.

With the STOXX index of 600 European companies unchanged, Asian and European stock exchanges posted minor gains thanks to Monday's Wall Street rally.

The MSCI all-country stock index gained 0.2 percent, bringing its decline from a lifetime high in January to roughly 20 percent. 

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