The S&P BSE Sensex index rose 405.99 points - or 1.08 per cent - to touch 38,140.07 at the strongest level recorded in early deals, whereas the broader NSE Nifty 50 benchmark climbed to as high as 11,259.55, up 105.9 points - or 0.95 per cent - from its previous close.
At 9:26 am, the Sensex traded 285.41 points - or 0.76 per cent - higher at 38,019.49, while the Nifty was up 77.75 points - or 0.70 per cent - at 11,231.40. Gains in IT, pharmaceutical and energy shares supported the markets, however losses in metal stocks kept the gains in check.
Wipro, Reliance Industries, Infosys, Zee Entertainment and HCL Tech, trading between 1.50 per cent and 2.42 per cent higher, were the top percentage gainers in the Nifty basket of 50 shares.
On the other hand, Bharti Airtel, Tata Steel, JSW Steel, Grasim and Power Grid, trading between 1.39 per cent and 2.71 per cent, were the worst hit among 14 laggards in the index.
Reliance Industries, Infosys and HDFC Bank were the biggest boosts to Sensex.
Reliance Industries shares rose as much as 2.96 per cent to ₹ 2,276.50 apiece on the BSE, after the conglomerate said US-based private equity firm KKR will invest Rs 5,550 crore in its retail arm, Reliance Retail Ventures.
Share markets elsewhere in Asia struggled to emulate a rebound in the US overnight as persistent concerns about global economic recovery kept investors cautious. MSCI's broadest index of Asia Pacific shares outside Japan was last seen trading 0.02 per cent lower, while Japan's Nikkei 225 benchmark was down 0.39 per cent.
On Tuesday, the Sensex had ended 300.06 points lower at 37,734.08, and the Nifty closed down 96.90 points at 11,153.65.
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