MUMBAI: Benchmark indices Sensex and Nifty bounced back after falling in early trade on Wednesday as a rally in IT stocks and HDFC Bank helped the markets sustain their previous session's recovery.

The 30-share BSE Sensex dipped 32.96 points to 73,000.82 in early trade. The 50-share NSE Nifty skidded 32.65 points to 22,688.75.

However, later both the benchmark indices recovered all their early losses. The BSE benchmark traded 161.48 points higher at 73,195.26, and the Nifty climbed 36 points to 22,757.95.

From the 30 Sensex firms, Tata Consultancy Services, HCLTech, Infosys, Kotak Mahindra Bank, UltraTech Cement, Tech Mahindra, Maruti and HDFC Bank were among the major gainers.

Sun Pharma, Bajaj Finance, Bajaj Finserv, Larsen & Toubro, Power Grid and Eternal were among the major laggards.

Brent crude, the global oil benchmark, traded 0.62 per cent higher at USD 106.4 per barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,305.13 crore on Tuesday, according to exchange data.

In Asian markets, South Korea's Kospi, Japan’s 225 index, Shanghai's SSE Composite index and Hang Seng index quoted higher.

US markets ended lower on Tuesday.

On Tuesday, the Sensex jumped 1,109.10 points, or 1.54 per cent, to settle near the day's high at 73,033.78, posting its best single-day gains in four months. The Nifty climbed 358.60 points, or 1.60 per cent, to end at 22,721.95, marking its best single-day rebound in more than two months.