Benchmark stock indices bounced back on Thursday with the Sensex rallying 477 points in early trade, tracking positive trend in global markets.

The 30-share BSE benchmark was trading 477.05 points higher at 57,296.44 points while the NSE Nifty jumped 151.1 points to 17,189.50 points.

Unilever Limited, Sun Pharma, Asian Paints, Infosys, Power Grid, Dr Reddy's and M&M were among the early gainers in the Sensex pack.

In contrast, HCL Technologies, Bharti Airtel, HDFC Bank, ICICI Bank, TCS and Bajaj Finance were the laggards.

Asian markets in Tokyo, Hong Kong, Shanghai and Seoul were trading in the green in mid-session deals.

Stocks in the US had ended mostly higher on Wednesday.

The Sensex tumbled 537.22 points or 0.94 per cent to end at 56,819.39 points on Wednesday. The NSE Nifty declined 162.40 points or 0.94 per cent to 17,038.40 points.

Meanwhile, international oil benchmark Brent crude dropped 1.73 per cent to USD 103.50 per barrel.

Foreign institutional investors continued their selling spree, offloading shares worth Rs 4,064.54 crore on Wednesday, according to stock exchange data.

"A clear trend in markets now, in developed markets as well as in India, is the preference for value stocks over high-priced growth stocks.

"This is partly a reflection of risk aversion among investors in the present context of mounting challenges posed by the expected aggressive tightening by the US Fed and the uncertainties arising from the Ukraine war that is getting prolonged," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.