Mumbai, Oct. 13 -- The domestic equity benchmarks rebounded sharply on Tuesday, snapping the previous session's decline as strong buying in IT stocks lifted sentiment. Better-than-expected quarterly results from HCLTech and TCS supported the sector, while the Indian rupee strengthened following the Reserve Bank of India's recent foreign exchange measures. However, elevated crude oil prices and geopolitical uncertainty continued to weigh on the outlook.

The Nifty 50 settled above 22,700, while the Nifty IT index soared 5.2%, recording its strongest performance in more than 17 months. Broader market indices lagged the benchmarks.

Meanwhile, India's retail inflation accelerated to 5.54% in September from 4.83% in August, moving further abo...