Cipla, Wipro, ICICI Bank and TCS registered returns of around 2 per cent each on the BSEThe domestic stock markets have rebounded from the low point of the day and have turned flat due to gains in select IT and banking shares.

At 2:35 pm, the BSE Sensex was trading at 48,457.08, lower by 80 points or 0.17 per cent and the NSE Nifty was at 14,484.55, down 19.80 points or 0.13 per cent.

The broader markets are also trading marginally lower, with the BSE Midcap index and BSE Smallcap index losing up to half a per cent each.On the economy front, the wholesale price index (WPI)-based inflation rate zoomed to an 8-year high of 7.39 per cent in March as fuel and power prices rose to 10.25 per cent, manufactured products rates climbed to 7.34 per cent and food went up to 5.28 per cent.

The last time WPI-based inflation had touched this mark was in 2013.Meanwhile, the rupee has erased early losses and trading at day's high at 75.00 per dollar; it opened 14 paise lower at 75.19 per dollar against Monday's close of 75.05.On the stock-specific front, Cipla, Wipro, ICICI Bank and TCS were the top gainers on the BSE, registering returns of around 2 per cent each.

Wipro is scheduled to announce its quarterly numbers later in the day.On the other hand, Infosys dived by 3.20 per cent to Rs 1,332.90 on the BSE after the company reported an annual increase of 17 per cent in net profit at 5,076 crore.

Grasim, Eicher Motors and Maruti Suzuki lost more than 3 per cent each on the BSE.