Mumbai, March 24 (IANS): The Indian stock markets witnessed a relief rally on Tuesday afternoon as the BSE Sensex rose over 1,200 points after volatility in the early trade.

At 1.45 p.m., it was trading at 27,201.29, higher by 1,220.05 points or 4.70 per cent from its previous close of 25,981.24

It had opened at 27,056.23 and has so far touched an intra-day high or 27,462.87, and a low of 25,638.90 points.

The Nifty50 on the National Stock Exchange was trading at 7,954.85, higher by 344.60 points or 4.53 per cent from its previous close.

Along with bargain buying, stocks were also supported by the increase in the Asian markets. Asian markets rose after the US Federal Reserve assured liquidity support to the world's largest economy.

Further, Union Finance Minister Nirmala Sitharaman's statement that the government is preparing an economic package also supported the investor sentiments.

She is scheduled to address the media on statutory and regulatory compliance matters.

"Even as we are readying an economic package to help us through the Corona lockdown (on priority, to be announced soon) I will address the media at 2pm today, specifically on statutory and regulatory compliance matters. Via video conference," Sitharaman tweeted.