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A global stock market rally brought smiles back on the faces of bulls in Indian stock markets. Bollywood actress Shilpa Shetty poses outside the Bombay Stock Exchange building on October 15, 2008.Reuters file

Indian benchmark indices rallied sharply on Tuesday, tracking global cues that saw Asian stock markets rising sharply on a rebound in oil prices. The BSE Sensex gained 521 points, or 1.89 percent, to close at 28,050 while the 50-scrip NSE Nifty ended at 8,678, up 158 points, or 1.85 percent.

Top Sensex gainers were Adani Ports (up 6.30 percent), ICICI Bank (up 4.58 percent) and HDFC (up 3.82 percent).

Read: ICICI Bank spurts again on Tuesday; Nomura upgrades share price

ICICI Bank rallied for the second consecutive day, ending at Rs 270.40 on the back of positive fallout of the Essar Oil-Rosneft, $12.9 billion deal that is expected to result in substantial debt repayment by the Essar Group to which the lender has significant exposure.

Top sectoral gainers on the BSE included Bankex (2.37 percent), Auto (1.29 percent), Realty (1.51 percent), Information Technology (1.84 percent) and Industrials (1.89 percent).

Earlier in the day, logistics stocks rallied on the start of the three-day Goods and Services Tax (GST) Council meeting where the standard rate is set to be finalised, crucial to the rollout of the GST from April 1, 2017 as planned by the Narendra Modi government. There is a strong support for fixing the GST standard rate at 18 percent.

The Sensex had closed with a loss of 143 points on Monday tracking weak cues from Asia and Europe, as a cautious mood prevailed ahead of earnings, key Chinese data and the ECB's monetary policy decision due later this week, according to a note by brokerage Angel Broking.

Select stocks that hit a new 52-week high on Tuesday included LIC Housing Finance, Jubiliant Lifesciences, Dewan Housing Finance, GIC Housing Finance, Tata Steel and L&T Finance Holdings.

Private sector lender Lakshmi Vilas Bank reported 44.6 percent rise in net profit to Rs 64.85 crore for the second quarter ended September 30, 2016. Total income grew 18.9 percent to Rs 830 crore. Shares of the bank closed 0.93 percent lower at Rs 149.80. The stock has rallied from Rs 82 as of April 18, a gain of 82 percent.