Mumbai, Jan 24 (IANS): The market rebounded from Tuesday's sell-off taking cues from global peers, Vinod Nair, Head of Research at Geojit Financial Services, said on Wednesday.

The BSE Sensex ended 689.76 points higher at 71,060.31, while the Nifty50 rose 215.15 points at 21,453.95.

The sentiment was reinforced by the PBOC's 0.5 per cent cut in reserve ratio to boost growth and financial liquidity.

However, the overall sentiment is muted as concerns persist on FIIs selling due to premium valuations in India and below expectation Q3 earnings so far, Nair said.

Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty exhibited volatility throughout the day following a weak start. On the hourly chart, the index began displaying initial signs of a reversal.

However, it closed below the resistance level of 21,500. A decisive move above 21,500 could potentially trigger a significant rally in the index. On the downside, support is situated at 21,400-21,350. A confirmed breakthrough above 21,500 may propel the index towards 21,700 and beyond.