Benchmark indices Sensex and Nifty rebounded in early trade on Wednesday after falling sharply in the previous session, following softening crude oil prices and buying in blue-chips.

The 30-share BSE Sensex climbed 187.63 points to 76,388.31 in early trade. The 50-share NSE Nifty went up by 57.75 points to 23,878.85.

From the 30-Sensex firms, Tech Mahindra, ICICI Bank, Trent, Infosys, Tata Consultancy Services and Kotak Mahindra Bank were among the major winners.

Maruti, Bharti Airtel, NTPC and Tata Steel were among the laggards.

Foreign Institutional Investors (FIIs) bought equities worth Rs 17.86 crore on Tuesday, according to exchange data.

Brent crude, the global oil benchmark, traded 1.02 per cent lower at USD 76.29 per barrel.

"The crash in Brent crude to below USD 77 has removed the macro headwinds for India. Rupee has stabilised. FII selling appears to have tapered off. This is positive for the market," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

A senior US official has said, the United States and India are "very, very close" to concluding a historic bilateral trade deal that will open the 1.4 billion-strong Indian market to American goods on reciprocal and mutually beneficial terms.

In Asian markets, South Korea's Kospi and Hong Kong's Hang Seng index quoted higher, while Japan's Nikkei 225 index and Shanghai's SSE Composite index traded lower.

US markets ended sharply lower on Tuesday. The Nasdaq Composite tumbled 2.21 per cent and the S&P 500 dropped 1.44 per cent.

On Tuesday, the Sensex tanked 893.39 points, or 1.16 per cent, to settle at 76,200.68. The Nifty dropped 278.80 points, or 1.16 per cent, to end at 23,824.10.