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By 10:20, Sensex spurted by 149 points at 19,710, and the Nifty was up 45 points or at 5,967 levels.
On the global front, Asian shares inched higher on Wednesday while the yen was firmer amid conflicting interpretations of G7 comments about the yen's recent weakness.
The MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%, pulled higher by Australian shares which advanced 0.8% led by the Commonwealth Bank of Australia, which posted record first half earnings.
China, Taiwan and Hong Kong markets remain closed for the Lunar New Year holiday.
US stocks closed modestly higher on Tuesday, putting the Dow within striking distance of an all-time high.
Back home, the rupee today rose by seven paise to 53.78 against the dollar in early trade at the Interbank Foreign Exchange on selling of the US currency amid increased capital inflows.
On the sectoral front, BSE Auto, TECk, Realty, IT, Consumer Durable, Oil & Gas, Capital Goods and Healthcare indices have gained between 0.5-1%. Aparrt from FMCG, all the major BSE sectoral indices are trading in green zone.
Tata Motors is the top Sensex gainer, up over 3% after the company's UK subsidiary Jaguar Land Rover (JLR) reported a strong 32% year-on-year (YoY) jump in global sales at 34,877 units in the month of January 2013.
HDFC, Bharti Airtel, TCS, M&M, ONGC, Sterlite, ICICI Bank and Sun Pharma have gained between 1-2%.
On the losing side, JSPL, Hero Moto, HUL, HDFC Bank and Maruti Suzuki have declined between 0.2-1%.
Among other shares, PI Industries has rallied 7% to Rs 634 after reporting more-than-double net profit at Rs 23.96 crore for the third quarter ended December 31, 2012 (Q3) on back of higher operational income.
The market breadth in BSE remains firm with 1,251 shares advancing and 701 shares declining.
