Markets rebound in early trade; Sensex climbs 488.4 points to 58,461.02 points

Mumbai: Benchmark indices bounced back in early deals on Tuesday after falling sharply in the previous trade amid buying in banking counters and mixed global trends.

The BSE benchmark Sensex climbed 488.4 points to 58,461.02 points in early trade. Similarly, the NSE Nifty advanced 154.55 points to 17,467.45 points.

From the Sensex pack, Bajaj Finserv, Bajaj Finance, IndusInd Bank, Maruti, Tata Steel, NTPC, UltraTech Cement, State Bank of India and Axis Bank were among the major winners.

Bharti Airtel and Dr Reddy's were the only laggards.

Elsewhere in Asia, markets in Seoul and Tokyo were trading in the green while Shanghai and Hong Kong quoted lower in mid-session deals.

The US markets had ended lower on Monday.

The BSE benchmark tanked 861.25 points or 1.46 per cent to settle at 57,972.62 points on Monday. The Nifty fell 246 points or 1.4 per cent to 17,312.90 points.

"Compared to the sell-off in US markets last Friday, the correction in the Indian market yesterday was relatively mild. This is a reflection of the resilience of the Indian market," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.

Meanwhile, the international oil benchmark Brent crude declined 0.83 per cent to USD 104.22 per barrel.

Foreign institutional investors (FIIs) offloaded shares worth Rs 561.22 crore on Monday, according to exchange data.