Bharat Petroleum and Indian Oil were top gainer in the Nifty 50 basket of shares.

The S&P BSE Sensex and NSE Nifty 50 indexes rebounded sharply after closing lower in the previous session led by gains in banking and information technology shares. The benchmarks opened higher but for most part of the day flip-flopped between gains and losses. The S&P BSE Sensex index switched direction at least 15 times before surging to intraday highs in the last hour of trade paced by gains in banking heavyweights. With today's session of gains, the broader Nifty 50 index resumed its seven-day rally after a day's breather in the previous session.

The Sensex ended 281 points or 0.76 per cent higher at 37,385 and the Nifty 50 index climbed points or 0.85 per cent to close at 11,076.

All sector gauges barring the Nifty Pharma index ended higher led by the Nifty Realty index's 1.5 per cent gain. Nifty Private Bank, Nifty Bank, Nifty Auto, Metal, Nifty Financial Service, Nifty IT and Nifty Media sector gauges also rose between 0.75-1.4 per cent each.

Mid- and small-cap shares also witnessed buying interest as Nifty Midcap 100 index rose 0.53 per cent and Nifty Smallcap 100 index advanced 0.73 per cent.

Bharat Petroleum and Indian Oil were top gainer in the Nifty 50 basket of shares, both the shares rose as more than 5 per cent after WTI Crude Oil price fell 0.4 per cent to $55 per barrel.

Titan, GAIL India, Vedanta, ICICI Bank, ONGC, Hindalco, JSW Steel, Kotak Mahindra Bank and State Bank of India were also among the gainers.

On the flipside, Indiabulls Housing Finance, Sun Pharma, Dr. Reddy's Labs, Bharti Airtel, HDFC Bank and ITC were among the laggards.

The overall market breadth was positive as 1,127 shares ended higher while 655 closed lower on the NSE.