The market on Wednesday opened on a strong note supported by strong global cues with the Sensex trading up 138.86 points or 0.5 percent at 26663.41 and the Nifty trading up 40.50 points or 0.5 percent at 8168.35.
Shares amongst gainers were Tata Motors, ICICI Bank, Dr Reddy's Labs and Sun Pharma, while on the losers side were GAIL and HDFC Bank.
The Indian rupee opened higher by 17 paise at 67.78 per dollar on Wednesday versus previous close 67.95. The pound was little changed at USD 1.33 versus the dollar after gaining 0.9 percent last session, halting a two-day sell-off.
According to the market experts, the positive cues from global equity market will govern today's move in the rupee and it is likely to appreciate for the day. Asian share markets joined a global rally on Wednesday as the immediate impact of Britain's vote to leave began to wane and investors wagered central banks would have to ride to the rescue with more stimulus measures.
Oil rose early as financial traders poured money back into commodities following the initial shock of Britain's vote to leave the European Union, and as a potential strike in Norway and crisis in Venezuela threatened to cut supply.
Gold slipped below USD 1320 an ounce as buyers cashed in gains from the biggest two-day rally in the metal since late 2008 made last week.