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Benchmark indices are rangebound, albeit in the positive zone, with Sun Pharma, Tata Motors and ICICI Bank leading the gains.
The 30-share Sensex was up 51 points at 22,395 and the 50-unit Nifty gained 16 points at 6,711 at 1147 hrs.
The broader markets have outperformed the BSE benchmark index, with the mid and smallcap indices gaining nearly 1% each.
Defensive pockets like IT and FMCG are witnessing some selling, with the indices down 0.2-1%.
Health Care, Consumer Durables, Metal and Realty indices have advanced 1-2% and are the top sectoral gainers.
The markets had opened higher for the day, with the benchmark indices adding nearly half a percent each in opening deals. The stocks leading the early gains were Tata Motors, Sun Pharma, SBI and L&T.
Sectors & Stocks
Barring Consumer Durables index down 0.5%, all the sectoral indices started in the green.
Realty, Bankex and Auto indices, up 0.6-0.8% each, were the top sectoral gainers.
Maruti Suzuki down 1%, Reliance Industries, Dr Reddys Lab, BHEL and Cipla down 0.1-0.3% were the only names in the red among Sensex-30 stocks.
Sun Pharma up 8% continues to remain the top gainer along with Bajaj Auto, Tata Motors, Hindalco and Tata Steel up 1% each.
Some of the other notable gainers were SBI, HDFC, ICICI Bank, Wipro, Tata Power, Gail India and Mahindra & Mahindra up 0.5-0.9%.
Among individual stocks, Suzlon Energy gained 6% to Rs 14.75, extending its 24% rally in past two trading sessions, after the company announced that Senvion, a wholly owned German subsidiary, had tied up euro 850 million in loans.
The market breadth was positive on BSE. 489 stocks advanced while 172 stocks declined.
Global Markets
In Asia, shares rose in early trade on Wednesday after Wall Street reversed a three-day losing streak, but Japanese stocks dropped sharply after the yen surged on fading hopes of near-term stimulus from the Bank of Japan.
MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.9%, taking heart from a recovery in U.S. stocks overnight.
Japanese stocks, on the other hand, had a tough day on the back of the stronger yen which erodes exporters' competitiveness and their earnings when repatriated. The Nikkei dropped 1.8%.
Overnight, U.S. stocks rose on Tuesday, snapping a three-day losing streak as investors bought beaten-down social media and Internet shares.
The Dow Jones industrial average rose 0.06%, to end at 16,256. The S&P 500 gained 0.38%, to finish at 1,852. The Nasdaq Composite added 0.81%, to close at 4,113.
