Indian equity indices reversed losses to end higher for the second straight day on Tuesday, with the Nifty ending above 11,900. Financials and IT stocks led gains on the index as investors awaited further cues from the upcoming Union budget to be presented on Friday.

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Earlier in the session, markets witnessed thin trade as heavy rains lashed Mumbai, the country’s financial capital, for a second straight day, disrupting road, rail and air traffic.

The broader Nifty closed 0.38 percent higher at 11,910.3, while the benchmark Sensex settled 0.33 percent firmer at 39,816.48. The Sensex recovered 317 points from the day's low, while Nifty surged 96 points from the lower level.

The Nifty MidCap also ended higher by 0.37 percent, while the BSE MidCap surged 0.38 percent.

Among sectoral gauges, as many as 34 advanced with Nifty CPSE, BSE Oil & Gas, Nifty IT and Energy leading among gainers.

BSE Realty fared the worst among 9 declining sectors. Nifty Pharma and PSU Banks were also among losing sectors.

Among Nifty gainers, UPL, ONGC, Indiabulls Housing Finance, Indian Oil Corp and Eicher Motors surged by up to 3.75 percent.

Housing Development Finance Corp Ltd closed 1.6 percent up, while Infosys Ltd ended the session 1.1 percent higher.

Meanwhile, a day after auto makers posted lacklustre monthly sales figures, the country’s auto index rebounded from early losses to close 0.2 percent firmer.

Shares of Yes Bank Ltd finished the session 8.3 percent lower on report that Mumbai-based real estate company Radius Developers defaulted on scheduled interest payments on Rs 12 billion ($174.07 million) loan to the lender.

Tata Motors, Sun Pharma, Dr Reddy's Labs and Axis Bank fell by up to 2.68 percent.