Domestic stock markets closed with huge gains on Tuesday. Investors bought pharma, private banking and oil and gas shares ahead of the Reserve Bank's monetary policy decision. With this, the Sensex and Nifty gained for the second consecutive session.

The Sensex rose 685.34 points to settle at 73,067.81. The Nifty gained 220.35 points to close at 22,776.10. With this, the Nifty once again crossed the 22,750 mark.

Market experts say that if the Nifty maintains the 22,800 level, it is likely to move towards the 23,000 mark. They said that there is immediate support at 22,600 below, and then 22,500 will be the key level. They said that the selling pressure is gradually decreasing.

The market sources mainly focused on the RBI's monetary policy decision. Investors are keen on the central bank's stance on interest rates, liquidity and economic conditions.

Trent, BSE and Kotak Mahindra Bank shares gained heavily in Nifty. Buying was seen in pharma and chemical shares. While the Nifty Pharma index gained the most, the Chemical index came in second.

Buying was also seen in the broader market. The Nifty Midcap index rose by 1.08 percent. The Smallcap index gained 1.56 percent. On the other hand, some profit-taking was done in IT shares. With this, the Nifty IT index became the biggest loser of the day.

Experts said that the fall in crude oil prices helped the market. They said that despite the positive atmosphere in domestic markets, the impact of global economic conditions continues. They advised that although the market trend remains positive in the near term, there is a need to be vigilant.