Indian stock market benchmarks, Sensex and Nifty 50, rebounded over one per cent in intraday trade on January 28, following two days of losses, driven by strong buying in banking and financial stocks.

In the broader market, both the BSE Midcap and Smallcap indices outperformed the benchmarks, rising 0.7 percent each.

ITC Ltd's hotel arm, ITC Hotels, is set to list on the bourses today. ITC decided to demerge its hotel business into a separate listed entity to unlock shareholder value

The Sensex fell 764.08 points, while the Nifty 50 was down 237 points as media, mid and small cap healthcare, IT, telecom stocks fell

The 30-share BSE Sensex declined 824.29 points, or 1.08 per cent, to 75,366.17. The broader Nifty 50 tanked 263.05 points, or 1.14 per cent, to close at 22,829.15.

Bajaj Finance, Bajaj Finserv, Power Grid, L&T and NTPC were the top gainers on the Sensex. At the same time, Tata Motors, ICICI Bank, Infosys, Untratech Cement and ICICI Bank were the biggest losers

Highlights: Among the broader markets, the Nifty Smallcap 100 index gained 0.12 per cent, while the Nifty Midcap 100 index edged lower by a marginal 0.01 per cent

The Indian stock market closed Wednesday's trading session on a positive note with benchmark indices rallying ahead of the monthly expiry and the upcoming Union Budget session. The stock market had seen a positive movement on Tuesday also.

The Sensex and Nifty closed at their highest levels of the day, extending their winning streak for a second consecutive session, ahead of the highly anticipated Federal Open Market Committee's interest rate decision on Wednesday.