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.

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

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

Indian markets rose for the second consecutive session on January 29, with Nifty 50 up 213.50 points and BSE Sensex gaining 682 points. Strong buying in IT and banking stocks, alongside broader market value buying,

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.

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 Nifty 50 and BSE Sensex closed higher, supported by IT and cement sectors, while broader markets recovered from recent selling pressure.

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.