The Indian equity benchmark indices opened higher on Wednesday following positive global cues as optimism over the coronavirus vaccine boosted investor sentiment.
At 9:15 am, the Sensex opened 0.62 percent, or 282.53 points, higher at 45,891.04, while the Nifty50 index opened at 13,458.10, up 65.15 points, or 0.49 percent.
Broader markets supported the gains in the market with Nifty Smallcap100 and Nifty Midcap100 indices up 0.7 percent each.
All the sectors were trading in the green led by Nifty PSU Bank, Nifty Metal, Nifty FMCG, Nifty Realty and Nifty Financial Services.
Among sectoral indices, the Nifty Metal index saw the most gains, trading 2.49 percent higher. Nifty Auto gained the least, trading 0.65 percent higher in the early morning session.
UPL, ITC, IndusInd Bank, ONGC and SBI Life Insurance were the Nifty50 top gainers, while UltraTech Cement, Eicher Motors, Cipla, Shree Cement and Maruti Suzuki were the top index losers.
Prestige Estates Projects shares gained over 3 percent after the Competition Commission of India (CCI) approved the acquisition of some assets of the company by Blackstone.
Shares of Indian Bank jumped over 8 percent after the state-owned lender raised Rs 1,048 crore by issuing bonds on a private placement basis.
Globally, Asian shares rose to a record high and US stock futures gained on Wednesday as investors tracked positive news on COVID-19 vaccines and ongoing efforts to launch more fiscal stimulus.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.51 percent. At one point the index reached 646.10, an all-time peak. MSCI's gauge of stocks across the globe also hit a record high.
Australian shares gained 0.69 percent. Japan's Nikkei rose 1.01 percent to approach a 29 1/2-year high. Sentiment got an added boost after Japanese data pointed to a rebound in capital expenditure.
Shares in China rose 0.15 percent. South Korean stocks also jumped by 1.26 percent to trade near a record high.