Indian equity benchmarks began Tuesday's session in the green in a rebound a day after the Sensex suffered its worst single-day fall since June 16, as hawkish comments by Fed Chair Jerome Powell at Jackson Hole triggered a global sell-off.

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Both headline indices rose as much as 0.9 percent in the first few minutes of trade.

The Sensex gained 515.8 points to touch 58,488.4 at the strongest level of the day so far and the Nifty50 climbed to as high as 17,473, up 160.1 points from its previous close.

Almost all of the stocks in the Nifty50 basket began the day in the green.

Bajaj Finance, Tata Steel, ONGC, Tech Mahindra, IndusInd, Wipro, Tata Motors, HCL Tech, Eicher and Adani Ports — rising around 1-2 percent — were the top gainers.

Asian Paints, down 0.4 percent, was the only blue-chip stock in below the flatline. Apollo Hospitals was flat.

All sectors participated in the upmove, with it stocks among the biggest boosts for both headline indices.

Reliance Industries shares opened 0.6 percent higher, a day after the oil-to-telecom conglomerate announced a Rs 3.5 lakh crore investment plan at its 45th annual general meeting (AGM).

"Monday's correction in India was relatively milder than the sell-off in the US markets on Friday. This is a reflection of resilience of the Indian market," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

"However, valuations in India are high with the Nifty around 20 times its estimated forward earnings and MSCI India at 100 percent premium to emerging market rivals. This calls for some caution," added Vijayakumar, warning of the possibility of more correction in the near term.

Overall market breadth favoured the bulls, as 2,420 stocks rose and 910 fell on BSE.

Global markets

Equities in other Asian markets were largely in the red following a weak session on Wall Street overnight. MSCI's broadest index of Asia Pacific shares outside Japan was down 0.6 percent at the last count.

S&P 500 futures edged 0.1 percent higher, suggesting a soft start ahead in in the US. On Monday, the three main Wall Street indices dropped around one percent each.

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