New Delhi, After declining in the opening session, India's key indices -- S&P BSE Sensex and NSE Nifty50 -- pared their losses and settled higher on Tuesday.

The rally comes after a decline in the indices for four consecutive days as skyrocketing crude oil prices weighed on the investors' sentiment.

Sensex settled 1.1 per cent or 581 points up at 53,424 points, whereas Nifty was 1.0 per cent or 150 points down at 16,013 points.

On the sectoral front, barring Nifty metal, oil and gas indices, all traded in the green. Nifty realty rose the most, up 3.3 per cent, NSE data showed.

"Domestic indices reversed their trend and traded with gains led by export-oriented sectors like Pharma and IT which witnessed buying interest as the rupee fell to its record lows," said Vinod Nair, Head of Research at Geojit Financial Services.

Low-level buying in mid and small caps also helped in adding optimism in the domestic market, Nair added.

On the specific stocks, Indian Oil Corporation, Sun Pharma, Tata Consumer, Cipla and TCS were the top five gainers among the Nifty50 companies, rising 4.2 per cent, 4.0 per cent, 3.8 per cent, 3.5 per cent, and 3.1 per cent, respectively.

The state-run energy company Indian Oil Corporation's shares rose after the company announced that it plans to increase crude oil capacity at Adani's Mundra port.

On the other hand, Hindalco, ONGC, Tata Steel, JSW Steel and Brittania were the top five losers during Tuesday trade.