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At 12:30PM, the Bombay Stock Exchange's 30-share index Sensex gained 115 points to trade at 19,128.22 while the National Stock Exchange's 50-share Nifty rose 29 at 5790.
India's economy may grow at 6.1-6.7% for the year 2013-14, the government forecast in a report on Wednesday, a day prior Finance Minister P. Chidambaram unveils a austere budget.
Asian markets rebounded on Wednesday after encouraging data from the US and the Federal Reserve's assurance to continue with monetary stimulus measures. However, investors remained cautious after Italy's hung parliament in the general elections could hinder reforms in the euro zone and drive up borrowing costs.
Most Asian indices were trading marginally higher except for Japan's Nikkei which was up 0.9%. Strait Times, Hang Seng, Taiwan, Kospi and Shanghai gained between 0.02-0.30% each.
Back home, capital goods, real-estate, banks sectors gained on BSE.
The broader markets traded mixed with mid-caps gaining 0.13% and small-caps falling nearly 0.22% on BSE.
The market breadth is negative. Out of 2,577 stocks traded, 1,401 stocks declined compared to 1,044 advances on BSE.
