Equity benchmark indices traded over one per cent higher during early hours on Wednesday tracking positive global trends with gains led by IT and financials stocks.
At 10:15 am, the BSE S&P Sensex was up by 536 points or 1.49 per cent at 36,569 while the Nifty 50 edged higher by 157 points or 1.48 per cent at 10,757.
All sectoral indices at the National Stock Exchange were in the green with Nifty IT up by 3.1 per cent, private bank by 1.7 per cent and financial service by 1.2 per cent.
Among stocks, Wipro jumped by 16.2 per cent to Rs 261.45 per share after Q1 numbers. The company registered a net profit of Rs 2,390 crore in the latest quarter compared to a profit of Rs 2,387 crore in the corresponding period of the previous year.
Shares of Reliance Industries moved up by 1.52 per cent to Rs 1,945.80 per share ahead of its annual general meeting this afternoon.
Private lenders Axis Bank, IndusInd Bank and ICICI Bank gained by 3.6 per cent, 3 per cent and 2 per cent respectively while IT majors Tech Mahindra, Infosys and HCL Technologies were up by 4.2 per cent, 3.5 per cent and 2.5 per cent.
Tata Steel, JSW Steel and Hindalco too traded higher by over 2 per cent each. But Bharti Airtel, IndianOil Corporation, UPL, ITC and Mahindra & Mahindra witnessed marginal losses.
Meanwhile, Asian markets opened in the green as optimism about a coronavirus vaccine bolstered risk appetite. Moderna Inc's experimental vaccine for COVID-19 showed it was safe and provoked immune responses in all 45 healthy volunteers in an ongoing early-stage study.
MSCI's broadest index of Asia Pacific shares outside Japan rose by 1.2 per cent while Japan's Nikkei added 1.5 per cent to the highest since June 10. Chinese shares gained modestly with the blue-chip CSI300 index ticking up by 0.3 per cent.
Investors also remained hopeful that EU leaders may agree on stimulus and deepening fiscal integration at a summit later this week.