Mumbai, Feb 10 (PTI): After negative opening, the benchmark BSE Sensex bounced back smartly by 264.57 points and Nifty reclaimed 8,600-level on bouts of value buying in most sectors led by banking, auto, consumer durables, metal, power and FMCG in late morning deals.

Positive macro-outlook overlapped the market sentiment and Delhi election results where the Aam Aadmi Party was heading towards a landslide victory in Delhi Assembly polls, a broker said.

Shares from Midcap and SmallCap companies also supported the market gain.

Meanwhile, foreign portfolio investors sold shares worth a net Rs 660.30 crore yesterday, as per provisional data.

The Sensex opened at 28,122.48 and drifted to 28,044.49 before rebounding to a high of 28,522.71, quoting 28,491.96 at 1040hrs.

Showing a smart gain of 264.57 points, or 0.94 percent, from its last close.

The CNX 50-share Nifty, after plunging to below 8,500-mark, gained 76.30 points, or 0.89 percent, to 8,602.65 at 1040 hours.

Major gainers were Hindalco (3.93 percent), ICICI Bank (3.18 percent), SBIN (2.84 percent), TataMotors (2.73 percent), BHEL (2.34 percent) and SSLT (2.29 percent).

Asian stocks were trading mixed. Key indices in Taiwan, Japan, Indonesia, and South Korea were down 0.17 percent to 0.7 percent. Key indices in and China, Hong Kong and Singapore rose by 0.01 percent to 0.84 percent.