The Indian equity benchmarks rebounded strongly on Friday after facing intense selling pressure in the previous two sessions on the back of a broad-based buying interest. The Sensex rose over 500 points and the Nifty 50 index reclaimed its important psychological level of 14,500. After two days of steep declines the benchmarks went into oversold zone and staged a bounce back on account of short covering, analysts said.As of 9:16 am, the Sensex rose 0.9 per cent or 444 points to 48,884 and Nifty 50 index advanced 161 points or 1.12 per cent to 14,486.Overnight, dollar rallied to four-month highs and global equity benchmarks edged higher Thursday as investors looked past rising coronavirus cases in Europe and focused on signs that the US economy was rebounding from the pandemic faster than anticipated.On Wall Street, the Dow Jones Industrial Average rose 200.81 points, or 0.62 per cent, to 32,620.87, the S&P 500 gained 20.59 points, or 0.53 per cent, to 3,909.73 and the Nasdaq Composite added 15.79 points, or 0.12 per cent, to 12,977.68.Back home, buying was visible across the board as all the 11 sector gauges compiled by the National stock Exchange were trading higher led by the Nifty PSU Bank index’s 1.5 per cent gain. Bank Nifty, Auto, Financial Services, FMCG, Private Bank and Realty indexes also rose over 1 per cent.Mid- and small-cap shares were also witnessing buying interest as Nifty Midcap 100 index rose 1.2 per cent and Nifty Smallcap 100 index advanced 1 per cent.Tata Motors was top Nifty gainer, the stock rose 3 per cent to Rs 294. Hindalco, Bharat Petroleum, Larsen & Toubro, Bajaj Firnserv, Mahindra & Mahindra, GAIL India, Tech Mahindra, ICICI Bank, Asian Paints, HDFC Bank and State Bank of India also rose between 1.5-3 per cent.On the flipside, Power Grid, TCS, Sun Pharma and Dr Reddy’s Labs were among the notable losers.The overall market breadth was positive as 1,535 shares were advancing while 443 were declining on the BSE.