Reuters Market Eye - The BSE Sensex is up 0.4 percent, while the broader Nifty is 0.38 percent higher, extending gains after turning positive for the year on Tuesday.
Gains track Asian stocks following remarks from Russian President Vladimir Putin that allayed fears of an imminent military conflict in Ukraine.
Overseas investors bought Indian shares worth 1.85 billion rupees on Tuesday, extending their buying streak to the 13th day for a total of about $800 million.
Among shares of blue chips, Tata Consultancy Services gains 1.8 percent, while ICICI Bank is up 0.6 percent.
Bharti Infratel gains 5.3 percent after the company entered into a tower sharing pact with Reliance Jio Infocomm, Reliance Industries' telecom unit.
UPL Ltd gains 3 percent after the chemicals maker said on Tuesday it had increased stake in UPL do Brasil Industria e Comercio de Insumos Agropecuarios SA to 73 percent from 51 percent. Dealers say UPL raised stake in the unit at cheap valuations.
(Reporting by Abhishek Vishnoi)