The Indian equity benchmark indices opened on a positive note on Wednesday following mixed trading in global markets.
At 9:15 am, the Sensex opened 0.33 percent or 197 points higher at 59,942. Nifty50 index opened higher at 17,861 -- up 39 points or 0.22 percent. The broader market indices were trading over half a percent higher.
Stocks leading the gains on the Nifty50 index were ONGC, IOC, Coal India, Bajaj Finance, and UPL. Each scrip gained over 1-4.5 percent. Leading the losses were Titan, Divi's Labs, SBI Life, IndusInd Bank, and Maruti.
Among sectors, IT, consumer durables, pharma, and healthcare indices were under selling pressure, and banks, metals, realty, oil & gas indices were in the green.
Globally, Asian shares slipped, reversing early gains, as analysts said sky-high oil prices meant stocks were quick to react to any hint of bad news such as a rate hike by New Zealand's central bank.
New Zealand's central bank on Wednesday raised interest rates by 25 basis points.
MSCI's broadest index of Asia-Pacific shares outside Japan fell over half a percent, having risen over 1 percent in early trade. The shares in Hong Kong were down over 0.7 percent, Korea down nearly 1 percent, and Australia 0.8 percent.
US stock futures, the S&P 500 e-minis, shed almost half a percent even as benchmark indices surged a percent higher in overnight trading.
Over in commodities, US crude oil steadied at multi-year highs having been pushed there by concerns about energy supply, and a decision on Monday by the OPEC+ group of producers to stick to a planned output increase rather than raising it further. U.S. crude rose to its highest level since 2014 but pared gains and was last off 0.15 percent to $78.81 a barrel. Brent crude lost 0.07 percent to $82.46 per barrel, having hit a three-year high in the previous session.
And spot gold shed 0.28 percent to $1755 an ounce, with the non-interest bearing asset hurt by higher yields.
(With inputs from Reuters)