Benchmark indices surged in trade led by a solid rally in the US markets, which saw the Dow Jones surged by a whooping 547 points. The rupee too showed remarkable recovery on Tuesday and was also up on early Wednesday, which may have led to buying in stocks.
The Sensex was last seen trading higher by 324 points, while the Nifty was up 95 points in trade. Leading the set of gainers was Infosys, which rallied almost 3 per cent in trade, following a spectacular set of results.
Investors took heart from the solid deal wins at the company. The other winners from the Nifty were Eicher Motors and banking stocks like State Bank of India and ICICI Bank. Reliance Industries too was higher ahead of its quarterly numbers to be declared later today.
Stocks that were exhibiting weakness in trade included some of the housing finance company names like DHFL and Indiabulls Housing Finance. DHFL was down more than 5 per cent in trade, while Indiabulls Housing was down more than 3 per cent.
Meanwhile, Asian markets were trading higher led by gains in the Japanese Nikkei, which was up almost 1.5 per cent in trade.