Equity benchmark Sensex rebounded 497 points on Tuesday after a two-day selloff, tracking gains in index majors Reliance Industries, ICICI Bank and HDFC Bank amid a positive trend in other Asian markets.

The 30-share BSE index jumped 497 points or 0.89 per cent to end at 56,319.01. Similarly, the NSE Nifty advanced 156.65 points or 0.94 per cent to 16,770.85.

HCL Tech was the top gainer in the Sensex pack, rising around 4 per cent, followed by Wipro, Tata Steel, Titan, Tech Mahindra and Sun Pharma.

On the other hand, PowerGird, Axis Bank, Bajaj Finance and SBI were among the losers.

Indian benchmarks were positive tracking gains in other Asian markets, said Gaurav Garg, Head of Research, Capitalvia Global Research.

"Traders took encouragement as a Commerce Ministry official said Indian exports showed a turnaround after December last year and are still strong," he added.

Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo and Seoul ended with gains.

Stock exchanges in Europe were also trading on a positive note in mid-session deals.

Meanwhile, international oil benchmark Brent crude slipped 0.07 per cent to USD 71.47 per barrel.