The Indian equity benchmarks held on to gains after staging a gap up opening on Wednesday led by gains in Infosys, Tata Consultancy Services, Hindustan Unilever and Titan. However, the upside was capped as Kotak Mahindra Bank, HDFC Bank, Larsen & Toubro, HDFC and Asian Paints came under a mild selling pressure. The Sensex rose as much as 323 points to hit an intraday high of 52,912 and Nifty 50 index briefly reclaimed its important psychological level of 15,800. Meanwhile, other Asian markets were trading higher after US markets rebounded on Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly. Japan's Nikkei advanced 0.1 per cent, Hang Seng rose 0.7 per cent, Taiwan Weighted advanced nearly 1 per cent and Straits Times rose 0.2 per cent.
As of 9:26 am, the Sensex was up 90 points at 52,679 and Nifty 50 index advanced 6 points to 15,778.
Overnight, Wall Street rebounded Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly as the dollar and oil gave up earlier gains.
Led by the tech-heavy Nasdaq Composite, Wall Street closed Tuesday higher, bouncing back from a sell-off set off last week by a Fed policy update that suggested officials believed rates would rise more quickly to counter rising inflation.
Back home, twelve of 19 sector gauges compiled by the National Stock Exchange were trading higher led by the S&P BSE Metal index's 1 per cent gain. Consumer Durables, Auto, Basic Materials, FMCG and Basic Materials indices also rose between 0.3-0.7 per cent.
On the other hand, power, capital goods, utilities, telecom and industrial indices were trading lower.
Mid- and small-cap shares were trading on a flat note as S&P BSE MidCap index was little changed and S&P BSE SmallCap index rose 0.14 per cent.
Hero MotoCorp was top Nifty gainer, the stock rose nearly 3 per cent to hit an intraday high of Rs 2,907 after the company said it will undertake price hikes for its bikes and scooters on the back rising commodity prices.
Hindalco, IndusInd Bank, JSW Steel, Titan, Tata Steel, Maruti Suzuki, Coal India, Mahindra & Mahindra and Grasim Industries also rose between 0.65-2 per cent.
On the flipside, Adani Ports, Shree Cements, UltraTech Cement, Asian Paints, Kotak Mahindra Bank, Divis Labs, UPL, Indian Oil, Wipro, HCL Technologies, Bajaj Finserv and Larsen & Toubro were among the laggards.
The overall market breadth was positive as 1,655 shares were advancing while 905 were declining on the BSE.