The Indian equity benchmarks moved higher on Wednesday on the back of gains in index heavyweights Reliance Industries, Infosys, Maruti Suzuki, Tata Consultancy Services and Axis Bank. The Sensex rose as much as 215 points to 52,764 and Nifty 50 index reclaimed its important psychological level of 15,800.
By 9:25 am, the Sensex was up 175 points at 52,725 and Nifty 50 index advanced 50 points to 15,799.
Asian shares rose and a gauge of global equities hovered near record highs on Wednesday after rising consumer confidence in economic recovery boosted the Nasdaq index to its highest-ever closing level.
MSCI's global share index was set for a fifth straight month of gains on Wednesday. Its index tracking Asian shares outside Japan was set for a small monthly loss, but still on course for a fifth straight quarterly rise, its longest such streak since 2006-2007.
Back home, Reliance Industries was among the top Nifty 50 gainers after it signed a pact with Abu Dhabi National Oil Company to jointly build a petrochemical facility in Ruwais, Abu Dhabi. The facility will manufacture chlor-alkali, ethylene dichloride and polyvinyl chloride (PVC).
Maruti Suzuki, Tata Consumer Products, Hindalco, JSW Steel, Titan, Infosys, Britannia Industries, Tata Steel, Cipla, Axis Bank and Mahindra & Mahindra were also among the gainers.
On the flipside, Power Grid, NTPC, ICICI Bank IndusInd Bank, Hero MotoCorp, Shree Cements, Adani Ports, Hindustan Unilever, HCL Technologies, HDFC Bank, Bajaj Finserv and Eicher Motors were among the losers.
Seven of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Metal index's nearly 1 per cent gain. Nifty Auto, IT, FMCG, Media, Pharma and PSU Bank indices also rose between 0.4-0.6 per cent.
On the other hand, Nifty Bank, Financial Services, Private bank and Realty sector gauges were trading with a negative bias.
Mid- and small-cap shares were in-line with their larger peers as Nifty Midcap 100 and Nifty Smallcap 100 indices rose 0.2 per cent each.
The overall market breadth was positive as 1,747 shares were advancing while 818 were declining on the BSE.