Equity benchmark indices Sensex and Nifty saw a significant rebound in early trade on Wednesday following three days of substantial decline, which was in line with a global rally.
The 30-share BSE Sensex surged by 1,046.13 points to reach 39,639.20 during early trade, while the NSE Nifty jumped by 313.9 points to 24,306.45.
Maruti, Infosys, UltraTech Cement, Adani Ports, JSW Steel, and HCL Technologies were the top gainers among the 30 Sensex firms.
On the other hand, Asian Paints, Kotak Mahindra Bank, Bharti Airtel, and Titan saw a decline.
Asian markets, including Seoul, Tokyo, Shanghai, and Hong Kong, also showed notable gains.
The US markets closed higher on Tuesday.
"After the twin jolts from US recession fears and the unwinding of the Yen carry trade, stock markets globally are slowly limping back to stability. Even though FIIs were big sellers in India in the cash market during the last three days, their selling is being matched by DII (Domestic Institutional Investors) buying. This countervailing investment by DIIs can impart resilience to the market," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
On Tuesday, exchange data revealed that Foreign Institutional Investors (FIIs) sold off equities amounting to Rs 3,531.24 crore.
Equities worth Rs 3,357.45 crore were purchased by DIIs on Tuesday.
Brent crude, the global oil benchmark, saw a 0.14 per cent increase, reaching USD 76.59 per barrel.
The BSE benchmark experienced a third consecutive day of decline on Tuesday, closing at 78,593.07, marking a decrease of 166.33 points or 0.21 per cent. In a similar trend, the Nifty settled below the 24,000 level at 23,992.55, declining by 63.05 points or 0.26 per cent.
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