BENGALURU: Indian shares closed sharply higher on Tuesday, recouping losses from the previous session with broad-based buying, following a report that some Russian troops were returning to their bases in areas near Ukraine.

The NSE Nifty 50 index ended up 3.03% at 17,352.45, while the S&P BSE Sensex jumped 3.1% to 58,142.05. Both the indexes had fallen 3% on Monday.

A report on Tuesday quoted Russia’s defence ministry as saying some troops adjacent to Ukraine were returning to their bases, a move that could de-escalate frictions between Moscow and the West.

US stock futures jumped and safe-haven currencies, including the Japanese yen and the Swiss franc, fell after the news.

“Market’s move could be more related to settling down of Russia-Ukraine concerns. Since markets started moving beyond a level, some short covering is also happening,” said Deepak Jasani, head of retail research, HDFC Securities.