The Indian markets that slipped to a 28-month low on Tuesday witnessed a positive start today tracking global cues. The BSE Sensex opened at 15,388, up 213 points and the Nifty opened at 4,608, up 64 points.
Asian stocks on Wednesday after upbeat US and German data and strong demand for Spanish debt, with investors' focus turning to a European Central Bank's tender as a gauge for euro zone funding strains.
MSCI's broadest index of Asia Pacific shares outside Japan rose 1.1 per cent, while the Nikkei stock average opened up 1.3 per cent.
Wall Street stocks jumped nearly 3 per cent, led by banks, after the Federal Reserve's new capital proposals turned out to be less worrying than feared.
Back home, analysts suggest that the Nifty could seek support around 4,500 – 4,480 levels, while it will face resistance around 4,585 – 4,610.
Among the sectoral indices, BSE Metal, Bankex and Capital Goods indices are leading the gains, up nearly 2% each.
JSW Steel, Hindalco Industries, NMDC and Sterlite Industries, up 3-4% each, are the top gainers from the Metals space.
Among the financials, ICICI Bank, Axis Bank, Union Bank of India and Yes Bank, up 2-3% each, are the prominent gainers.
On the Sensex, ICICI Bank has gained 3% at Rs 673 and is the most prominent gainer. Other notable gainers include Hindalco Industries, BHEL, Tata Motors and Sterlite Industries, up 3% each.
Hero MotoCorp is the top loser and the only loser from the pack, down 2%.
The overall market breadth is positive as 1,012 stocks have advanced against 342 declining ones, on the BSE.