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The broader markets retained their gains with both the midcap and the smallcap indices up 0.6% each, outperforming the Sensex which was up 0.3%.
The rupee hit a three-and-half month high in early trades on expected NTPC inflows, say dealers. The pair at 52.96/97 versus 52.87 high and a close of 53.14/15 close on Tuesday.
Asian shares recovered on Wednesday as solid euro zone data calmed nerves jarred by potential political turmoil in Spain and Italy, while the prospect of a dovish new governor for the Bank of Japan dragged the yen to a new low. Japan's benchmark Nikkei stock average soared 4% to a 33-month high. Hang Seng up nearly 1% was the other major gainer.
All the sectoral indices were in the green. The ones leading the gains were Metal, Realty and Consumer Durables up 1% each. PSU, Oil & Gas, Health Care, IT and FMCG indices gained 0.3-0.5%.
The losers among the Sensex stocks were Hindustan Unilever and NTPC down over 1.5% each followed by auto names like Hero MotoCorp, Tata Motors and Mahindra & Mahindra down 0.2-0.6%.
Among banks, HDFC Bank and ICICI Bank slipped 0.4% each.
On the other hand the top gainers were metal names like Jindal Steel, Tata Steel, Sterlite Inds and Hindalco Industries up 1-2%.
The other major gainers included HDFC, Maruti Suzuki, ONGC and Tata Power up 1-2%.
Among other stocks, Thomas Cook (India) surged over 5% to Rs 56.55 after the travel services provider said that it is acquiring 74% stake in HR solutions company IKYA Human Capital Solutions for Rs 256 crore.
GTL Limited rallied 9% to Rs 25.20 after the telecom network services firm said its net loss has narrowed to Rs 81.07 crore for the quarter ended December 31, 2012. The company had reported a net loss of Rs 102.98 crore in the corresponding quarter last year.
The market breadth was strong owing to the gains in the broader markets. 1421 stocks advanced while 876 stocks declined on the BSE.
