Benchmark stock indices Sensex and Nifty rebounded from early lows to close over 1 per cent higher on Tuesday, helped by heavy buying in index heavyweight Reliance Industries, Infosys and TCS amid gains in global equities.

The 30-share BSE Sensex closed up by 696.81 points or 1.22 per cent at 57,989.30. It touched a high of 58,052.87 and a low of 56,930.30 in intra-day trade. It rallied 760.38 points or 1.32 per cent during the day.

The broader NSE Nifty climbed 197.90 points or 1.16 per cent to finish at 17,315.50.

From the 30-share pack, Tech Mahindra, Reliance Industries, Bajaj Finserv, ITC, TCS, Indusind Bank, Kotak Mahindra Bank, Infosys and Power Grid were the biggest gainers.

In contrast, Hindustan Unilever Limited, Nestle India, NTPC, and Sun Pharma were the laggards.

"The domestic market started with a negative bias taking cues from rising crude prices and hawkish signals from Fed on aggressive policy tightening. However, the trend reversed as European markets opened on a positive note buoyed by hope that Ukraine may consider working towards a truce," said Vinod Nair, Head of Research at Geojit Financial Services.

On Monday, the Sensex plunged 571.44 points or 0.99 per cent to settle at 57,292.49. The Nifty declined by 169.45 points or 0.98 per cent to finish at 17,117.60.

Equity exchanges in Shanghai, Seoul, Hong Kong and Tokyo ended with significant gains. Stock exchanges in the US ended on a negative note in the overnight session.

Meanwhile, international oil benchmark Brent crude dipped 1.57 per cent to USD 113.8 per barrel.

Foreign institutional investors (FIIs) were net sellers in the capital market, as they sold shares worth Rs 2,962.12 crore on Monday, according to stock exchange data.