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Risk appetite was also bullish after US service-industry growth gained momentum taking Dow Jones Industrial Average index to record-high on Tuesday.
At 2:20PM, the Bombay Stock Exchange's Sensex gained 82 points at 19,219.42 while the National Stock Exchange's Nifty added 26 points at 5,809.40.
Asian markets traded higher with China's Shanghai Composite Index gaining 0.8% to 2,347 , Singapore's Straits Times added 1.15% to 3,285 , Hong Kong's Hang Seng rose 1% to 22,778 while Japan's Nikkei gained 2.13% to 11,932.
In Europe, France's CAC gained 0.4% to 3,803, Germany's DAX rose 0.5% to 7,909 while UK's FTSE traded higher 0.18% to 6,443.
Back home, among sectors, barring FMCG, rest all gained with real-estate, metals, capital goods, IT, bankex leading gains on BSE.
Among the individual stocks, gainers included metal shares with Tata Steel, Hindalco and Sterlite Industries rising between 2-4%, Larsen & Toubro and BHEL rising over 2.6% and 1.5% respectively, Wipro and Infosys were up 1.5% each, Tata Motors gained 2%, Reliance Industries added 1%, SBI and ICICI Bank rose 1% each on BSE.
The laggards were GAIL fell 1%, HUL and ITC declining 1.5% and 1% respectively, HDFC and HDFC Bank shed nearly 0.1%, Mahindra & Mahindra dropped over 1% on BSE.
Among other notable movers, La Opala RG is locked in upper circuit of 20% for second consecutive day at Rs 358, rising 44% in two straight sessions, on back of heavy volumes. The stock opened at Rs 314 and hit a low of Rs 303 so far on BSE.
Shares of real estate companies have rallied up to 14% on back of heavy volumes on hopes that cooling inflation will force the Reserve Bank of India (RBI) to cut the repo rate at its policy meeting later this month.
Housing Development and Infrastructure (HDIL), Sobha Developers, Oberoi Realty, Indiabulls Real Estate, Peninsula Land, Anant Raj Industries and DB Realty have rallied more than 5% each on the Bombay Stock Exchange (BSE).
AstraZeneca Pharma India has dipped almost 10% to Rs 751, also its 52-week low on BSE after the multinational pharmaceutical company said that its promoter AstraZeneca Pharmaceuticals AB Sweden has decided to reduce its shareholding in the company to meet minimum public shareholding norm.
Uttam Galva Steels is locked in upper circuit of 5% at Rs 72.55 with no sellers on the counter after the company said it planning to raise about Rs 175 crore through placement of shares to fund expansion and augment long term-resources.
The broader markets gained with mid-caps and small- caps rising 1.3-1.6% on BSE.
The market breadth was firm. Out of 2,802 stocks traded , 1,708 stocks advanced compared to 972 declined on BSE.
