Indian markets firmly recouped early losses on Wednesday as state-run majors like SBI, BPCL, ONGC and Coal India surged 3-7 per cent in late deals, aiding the rebound.

The BSE Sensex index closed 268 points higher at 71,823 after recovering over 1,000 points from its intra-day low. The Nifty50 ended 97 points up at 21,840 from touching an intra-day low of 21,530.

Tata Steel, Axis Bank, Maruti, NTPC, Power Grid, ITC, Nestle, IndusInd Bank, Tata Motors, Reliance and M&M were other frontline gainers, which closed 1-2 per cent higher.

Tech M, Infosys, Sun Pharma, Cipla, Dr Reddy’s, meanwhile, were the top drags.

The BSE MidCap and SmallCap indices also recouped day’s losses and ended up to 1.3 per cent higher.