Among the early winners in Trade was Tata Motors which surged more than 2.5 per cent, while other Nifty stocks that gained included ONGC, Hindalco, Hindustan Unilever, NTPC and Reliance Industries.
Maruti Suzuki traded lower after the company continued to lose ground in 2012 when its market share slipped to a new low.
India's largest telecom operator Bharti Airtel was trading higher after the company increased its rates for 2G.
Metal stocks continued to be among the winners with Jindal Steel, JSW Steel, Sterlite Industries, Sail and Tata Steel all gaining in trade.
Realty stocks too gained with winners including HDIL, Unitech, DLF and Anant Raj, IndiaBulls and Prasvnath.
The Banking Nifty was trading flat with most of the names in the sector little changed over Tuesday's levels. Shares of ICICI Bank, HDFC Bank and State Bank of India were trading flat.
Pharma major Wockhardt jumped after the company received a US FDA approval for one of its products.
Meanwhile, markets in Asia were trading higher despite weak overseas closing in the US. The Japanese Nikkei, the Singapore Strait Times and the Korean Kospi were all trading higher.