The Indian market jumped more than a percent in opening trade as crude oil prices declined to ease macro-concerns. Overall investor sentiment, however, is likely to remain cautious over lingering geo-political concerns.
The BSE Sensex jumped 426 points to start at 34,273, while the NSE Nifty50 also rose by 133 points to 10,280.
Broader markets also jumped more than a percent with the Nifty MidCap adding 187 points to trade at 16,355.
Nifty Bank advanced 285 points to 25,257.
Only two sectoral indices led by BSE IT declined by half a percent. BSE Realty was leading the 41 advancing sectors along with Nifty PSU Banks, BSE Finance and BSE Oil & Gas as other leaders in the pack.
Nifty gains were primarily led by non-banking financial companies and public sector oil marketing companies.
Among major gainers, Bajaj Finance shares jumped 5.24 percent, Indiabulls Housing Finance was up 4.27 percent. HPCL, IOC and HCL Technologies rose by up to 3.44 percent.
The laggards were mostly from the IT sector with Tech Mahindra losing nearly 3 percent. Wipro and TCS also declined between 1 and 2 percent. Bajaj Finserv dipped more than 2 percent. Bharti Infratel was down more than a percent.
In the currency market, rupee opened sharply higher against the US dollar, starting at 73.23 on Wednesday, benefiting from lower crude prices. The home currency had closed at 73.56 against the greenback on Tuesday.
Most Asian equity markets started lower, tracking overnight losses in US stocks, but recovered later in the day. Japan's Nikkei traded higher by 0.44 percent, while Hong Kong's Hang Seng surged nearly a percent at 9.45 am IST.
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