Benchmark indices began the day on a buoyant note, as global cues were robust, led by solid gains in the US markets. This fuelled a rally across the Indian and Asian markets.
Leading the set of gainers in trade were stocks like Eicher Motors, BPCL and Maruti.
Tata Motors, which was hammered almost 9 per cent in trade on Tuesday, was trading with gains.
Midcap stocks, which had saw a huge plunge on the back of heavy selling pressure, managed to recover. The index itself was up with gains of 2 per cent. Midcap stocks that gained were Tata Global Beverages and Federa; Bank, both of which saw gains in excess of 3 to 5 per cent.
Shares in Voltas was trading higher ahead of the company's results to be declared later today. PSU banking stocks, which were resilient despite Tuesday's crash were up in trade. Punjab National Bank, Bank of Baroda, Syndicate Bank and Union Bank were all among the early gainers in trade.
Meanwhile, the rupee was trading at 67.62 to the US dollar.