The two key equity benchmarks, Sensex and Nifty, on Wednesday edged higher to snap four-day losing streak following easing of February inflation to 6.4 per cent.
At 9.35 am, the S&P BSE Sensex was up 417 points to 58,317. On the other hand, the NSE Nifty50 was trading at 17,181, up 138 points.
On the 30-share Sensex platform, Asian Paints, Titan, Maruti, L&T, Tata Steel, IndusInd Bank emerged winners in early trade. On the flip side, only two, HUL and Airtel, were trading in the red.
Among individual stocks, shares of Axis Bank gained over 1 per cent after credit ratings agency CRISIL Ratings reaffirmed bank's financial conditions as 'stable.' Besides, shares of NBCC (India) rallied over 3 per cent after it secured Rs 500 crore work order to construct Government Medical College and Hospital at Karaikal, Puducherry.
In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 indices gained up to 1 per cent.
Volatility index, India VIX, meanwhile, slipped over 6 per cent.
All sectors swimmed in the sea of green, with Nifty Media, and Nifty Metal indices rising over 1 per cent each.
In the previous session on Tuesday, the S&P BSE Sensex ended at 57,900, down 338 points. On the other hand, the NSE Nifty50 settled with a loss of 111 points at 17,043.
Asian markets, including Japan and Hong Kong, were trading in the green. US and European markets on Tuesday ended their trading sessions with gains as latest inflation data from the US indicated that price pressure might be easing.
In a pre-market note, Deepak Jasani, Head of Retail Research at HDFC securities, on Wednesday said Indian markets could open higher, in line with positive Asian markets today and sharply higher US markets on Tuesday. "US stocks ended sharply higher in volatile trade on Tuesday, rebounding from their steep losses in the aftermath of the failure of Silicon Valley Bank, as investors digested February inflation data which matched estimates and suggested pressure on prices may be easing," he said.
On Tuesday, Foreign Institutional Investors (FIIs) remained net sellers as they offloaded domestic equities worth Rs 3,086.96 crore, as per exchange data.
Global oil benchmark Brent crude futures rose 1.21 per cent to $78.39 per barrel.
Meanwhile, the rupee appreciated by 4 paise to 82.33 against the US dollar in early trade on Wednesday, tracking positive sentiments in the domestic equity market and relatively weaker dollar against major currencies.
At the interbank foreign exchange, the domestic unit opened stronger at 82.32 against the US dollar and then gained ground to 82.30. Later, it slipped to 82.33 against the greenback, registering a rise of 4 paise against its previous close. On Tuesday, the rupee settled at 82.37 against the US dollar.