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By 9:35, the Sensex was at 19,662 up 101 points. Nifty has gained 29 points at 5,952.
Overnight, the yen rallied on Tuesday, reversing the previous day's late selloff against the dollar and euro after an official with the Group of Seven said it is worried about excess moves in the Japanese currency.
World stock markets edged higher and the Dow Industrials climbed within striking distance of an all-time high as investors looked ahead to President Barack Obama's State of the Union address on Tuesday evening.
The Dow Jones industrial average closed up 0.34 percent, at 14,019. The Standard & Poor's 500 Index .SPX ended up 0.16 percent, to 1,519. The Nasdaq Composite Index dropped 0.17 percent, to 3,186.
Japan's Nikkei share average edged lower on Wednesday as a pause in the yen's decline triggered profit-taking on stocks that have gained sharply such as exporters.
On the sectoral front, BSE Auto, Realty, Oil & Gas, TECk, Consumer Durable and IT indices have surged by almost 1% each. However, BSE FMCG and Metal indices are marginally down.
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.
Bharti Airtel, ONGC, TCS, HDFC, Sterlite, RIL, M&M, Sun Pharma, ICICI Bank and NTPC have gained between 0.3-1%.
On the losing side, JSPL, CIL, HUL, Bajaj Auto and Hero Moto have declined by 1% each.
Meanwhile, BSE Midcap index is up by 0.53% and BSE Smallcap index is trading marginally higher.
The market breadth in BSE remains positive with 875 shares advancing and 415 shares declining.
