Equity benchmark Sensex rebounded over 660 points on Tuesday, tracking strong gains in auto and financial stocks amid largely positive cues from global markets.

The 30-share BSE index ended 660.68 points or 1.38 per cent higher at 48,544.06.

Similarly, the broader NSE Nifty surged 194 points or 1.36 per cent to 14,504.80.

M&M was the top gainer in the Sensex pack, rallying around 8 per cent, followed by Bajaj Finserv, Bajaj Finance, Maruti, Axis Bank, ONGC and HDFC Bank.

On the other hand, TCS, Dr Reddy's, Tech Mahindra, Infosys and Nestle India were among the laggards.

"Domestic equities witnessed brisk rebound towards the second half of session after investors took comfort from announcement that government is fast-tracking approvals for overseas COVID-19 vaccines to improve supply of jabs and speed-up vaccination process," said Binod Modi, Head - Strategy at Reliance Securities.

Financials and automobile were the biggest contributors in the rebound. However, IT and pharma stocks were key drags. Heavy profit booking was seen in IT stocks after the announcement of TCS results.

Elsewhere in Asia, bourses in Hong Kong, Seoul and Tokyo ended on a positive note, while Shanghai was in the red.

Stock exchanges in Europe were largely trading with gains in mid-session deals.

Meanwhile, international oil benchmark Brent crude was trading 0.90 per cent higher at USD 63.85 per barrel.