The Sensex closed 185 points, or 0.25%, higher at 73,319.55. The 30-share pack vaulted 1774 points from the day's low of 71,545.81 to end in the green. The  Nifty 50 rebounded 531 points from the day's low to end at 22,713.10.

In response to rupee depreciation, the RBI has tightened norms by capping net open positions and restricting NDF market access. This led to a notable recovery of the rupee against the dollar, reflecting the effectiveness of the RBI's intervention.

Despite double-digit volume growth, the tractor maker is ceding ground to faster-moving rivals and shifting farmer preferences.

The FTSE Bursa Malaysia KLCI tanked 1.17% to the day's low of 1,688.89 following work from announcement by the government. Despite today's fall the Malaysian stock markets remain on a strong footing amid the global bloodbath, down only 1.5% in March.

A year of talks between the Association of Mutual Funds in India and Sebi has yielded no plan to redistribute unutilized overseas investment limits or raise the $8 billion aggregate cap to make room for new entrants.