India's benchmark indices snapped their longest losing streak in over four months with a strong rebound led by market heavyweights Reliance Industries and HDFC Bank.

The S&P BSE Sensex gained nearly 750 points, ending 2% higher at 37,687 while the NSE Nifty 50 gained over 200 points, ending 1.87% higher at 11,095. Both benchmark indices overturned Monday's losses.

Two stocks - Reliance Industries and HDFC Bank contributed nearly 160 points out of the 200 point gain on the Nifty. Reliance Industries saw its biggest single-day gain in nearly four months, ending 7.5% higher.

Among the sectoral indices, the Nifty Media index ended 3.9% higher as the top sectoral gainer. The index snapped a seven-day losing streak led by gains in Zee Entertainment, which ended with gains of 6.3%.

The Nifty Bank and Nifty Pharma index ended with gains of 2% each while the Auto and Realty index gained over 1.5% each.

Nifty I.T. was the only sectoral laggard, ending 0.7% lower.

Broader markets ended with gains but could not keep up with the benchmarks in today's session. The midcap index gained 1.1% while the smallcap index ended 1.4% higher.

The India Volatility Index ended 6% lower at 23.67.

Market breadth ended in favour of the gainers. 1,186 stocks on the NSE ended with gains while 626 declined.