Mumbai

Benchmark equity indices Sensex and Nifty rallied in early trade on Wednesday, bouncing back from previous session's sharp fall, driven by buying in IT stocks and a positive trend in global markets.

The 30-share BSE Sensex jumped 558.79 points to 82,784.71 in early trade. The 50-share NSE Nifty climbed 157.05 points to 25,581.70.

From the Sensex pack, Tech Mahindra, HCL Tech, Tata Consultancy Services, Infosys, Power Grid and InterGlobe Aviation were the biggest gainers.

State Bank of India, Bajaj Finance, Asian Paints and Maruti Suzuki were the laggards.

The BSE IT index traded 2.08 per cent higher at 29,850.09 during initial trade.

IT stocks faced heavy losses on Tuesday amid concerns over artificial intelligence-led disruption.

In Asian markets, South Korea's Kospi, Shanghai's SSE Composite index, Japan's Nikkei 225 and Hong Kong's Hang Seng index were trading significantly higher.

The US market ended higher on Tuesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 102.53 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 3,161.22 crore, according to exchange data.

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Brent Crude, the global oil benchmark, jumped 0.76 per cent to USD 71.31 per barrel.

On Tuesday, the Sensex plummeted 1,068.74 points or 1.28 per cent to settle at 82,225.92. The Nifty fell 288.35 points or 1.12 per cent to close at 25,424.65.