Stock Market Update: Domestic benchmark indices BSE Sensex and NSE Nifty on Wednesday opened on a positive note reportedly on the backdrop of fall in crude oil prices in international markets. Sensex jumped over 200 points in early morning trade tracking gains in index heavyweights HDFC twins, Infosys and Reliance Industries as global stocks recovered from the previous day's losses.

The 30-share BSE index was trading 204.30 points or 0.49 per cent higher at 41,528.11. Likewise, the broader NSE was trading 46.70 points, or 0.38 per cent, up at 12,216.55.

Infosys was the top gainer in the Sensex pack, rising up to 1.46 per cent, followed by Bharti Airtel, SBI, Sun Pharma, TCS, Bajaj Finance, HCL Tech, RIL and HDFC duo. While on the other hand, ONGC, NTPC, PowerGrid, Asian Paints and Hero MotoCorp fell up to 2.61 per cent.

In the previous session, Sensex settled 205.10 points, or 0.49 per cent, lower at 41,323.81; while the Nifty settled 54.70 points, or 0.45 per cent, lower at 12,169.85.

The Nifty has declined 1.5 per cent over the past two sessions after poorly received December-quarter results from top companies including Reliance Industries Ltd and Tata Consultancy Services Ltd (TCS).

On Wednesday, Axis Bank Ltd, Larsen & Toubro and Asian Paints Ltd - all Nifty 50 components - were set to report results. Shares in Zee Entertainment Enterprises Ltd were down 2.5 per cent after results on Tuesday.

"Wednesday’s advance may reflect some bargain-hunting, especially among beaten down banking shares," said Anand James, chief market strategist at Geojit Financial Services told news agency Reuters.

Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 50.08 crore, while domestic institutional investors offloaded shares worth Rs 307.81 crore on Tuesday, data available with stock exchanges showed.

Brent crude oil futures slipped 0.36 per cent to USD 64.36 per barrel. Meanwhile, the rupee appreciated marginally to 71.18 against the US dollar in morning session.

Finance Minister Nirmala Sitharaman is due to present the federal budget on Feb. 1, amid expectations that she could announce measures to revive economic growth, which has slipped to a more than six-year low.

According to traders, domestic investors turned positive following recovery in other Asian markets after a day of massive selloff after the outbreak of a new deadly virus in China. Bourses in Hong Kong, Tokyo and Seoul were trading on a positive note in their early sessions, while Shanghai was still in the red.