Equity benchmark indices Sensex and Nifty rebounded sharply by one per cent on Wednesday after sliding for the past two sessions, propelled by bargain hunting in metal, commodity, and telecom stocks.

Trading through a patchy track in the opening session, the 30-share BSE Sensex gradually gained ground and jumped 689.76 points, or 0.98 per cent, to settle at 71,060.31. The benchmark moved between an intra-day high of 71,149.61 and a low of 70,001.60.

The broader NSE Nifty also closed 215.15 points or 1.01 per cent higher at 21,453.95.

Among the Sensex firms, major winners included Tata Steel, rising 3.77 per cent, followed by HCL Tech, which gained 3.62 per cent.

IndusInd Bank and PowerGrid closed with a gain of 3,60 and 3.34 per cent, respectively. Other gainers were Tech Mahindra, Hindustan Unilever, Bajaj Finserve and Bharti Airtel, among others.

On the other hand, ICICI Bank, Axis Bank, Asian Paints, Bajaj Finance and TCS were the only laggards, sliding up to 2.94 per cent.

A total of 25 stocks of the 30-share benchmark settled in green, while 43 constituents of the NSE Nifty witnessed gains.

Elsewhere in Asia, Japan's Nikkei 225 lost 0.80 per cent, and Hong Kong's Hang Seng gained sharply by 3.56 per cent. China's Shanghai Composite also ended 1.80 per cent higher.

European markets were higher on Wednesday, with Germany's DAX and CAC 40 of France gaining 1.00 per cent and 0.58 per cent. London's FTSE 100 rose 0.29 per cent.

In the US markets, the Dow closed 0.25 per cent lower on Tuesday, while the S&P 500 settled 0.29 per cent higher and tech-heavy Nasdaq closed the session 0.43 per cent higher.

Meanwhile, Brent crude futures, the global oil benchmark, were trading higher by 0.58 per cent to $80.01 per barrel on Wednesday.

On Tuesday, Sensex fell 1,053.10 points or 1.47 per cent to settle at 70,370.55. Nifty also declined 330.15 points or 1.53 per cent to close at 21,241.65.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth ₹3,115.39 crore, according to exchange data.