Snapshot: How Indian market closed on Tuesday

Stocks: The BSE index closes up 2.11 percent at 18,744.93 and the broader 50-share NSE index ends 2.16 percent higher at 5,688.95, breaching a key technical resistance, as rate-sensitive stocks, like autos and banks rise on expectations the central bank will cut rates next month on a continued slump in global commodity prices.

Government bonds: India's benchmark 10-year bond yield ends down 1 basis point (bp) at 7.82 percent on hopes that sustained lower commodity and metals prices will help ease pressure on the current account deficit, which has been cited by the RBI as a factor in monetary policy decisions.

Rupee: The partially convertible rupee ends sharply stronger at 54.15/16 per dollar versus its close of 54.6250/6350 on Monday as a broad selloff in global commodities raises hopes the pressure on the country's record current account deficit will ease and give the central bank more room to cut rates.

Interest rate swaps: India's benchmark five-year swap rate ends at 7.06 percent versus its Monday close of 7.11 percent, while the one-year rate ends down 2 basis points at 7.31 percent.

Call money: India's cash rate ends at 7.55/7.65 percent versus Monday's close of 7.50/7.55 percent.