Benchmark indices ended the day higher, even as global markets were subdued over worries of an interest rate hike in the US.
The Sensex ended the day higher by 109 points, while the Nifty was higher by 10 points. This was a new 16-month peak for the Nifty as sustained buying continued in stocks, on solid liquidity.
Global cues were very subdued with most of the markets in Asia ending the day with loses, while Europe too was trading lower.
Shares in GMDC, which rallied a huge 8 per cent on Tuesday, continued to gain ground.
Ultratech Cement too saw solid buying support after the RBI said that FIIs and RFPIs can now invest up to 30 percent in UltraTech Cement.
Most of the PSU Banking stocks saw good buying support led by gains in Bank of Baroda and Punjab National Bank.
Shares in RBL Bank, which made its debut today, saw solid buying support with the stock up more than 33 per cent.
Welpun India, which had had a sensational fall from levels of Rs 108 to Rs 48, finally managed to gain ground in trade. The stock ended the day more then 3 per cent higher.