The BSE Sensex is currently 51,027, up 389 points or 0.77% and the Nifty50 is currently 15,303.60 up 95.15 points or 0.63%. The BSE smallcap shares were trading with gains of 0.74%.
The overall market breadth was positive as 1,920 shares were advancing and 1,108 were declining on the BSE.
Among sectoral front, financial stocks witnessing buying, with the Bajaj twins, Bajaj Finserv and Bajaj Finance rallying 2.7% and 2.1% respectively.
On the flip side, metal stocks are seeing selling pressure, with JSW Steel, Tata Steel and Hindalco registering losses on the BSE.
Also, shares of consumer discretionary companies were in focus at the bourses on Wednesday.
The S&P BSE Consumer Discretionary Goods & Services hitting a new high after a strong rally in smallcap stocks like Mahindra Holidays & Resorts, Lux Industries, Dish TV India, Shalimar Paints and Borosil has gained on the BSE in intra-day trade.
Shalimar Paints hit a 52-week high on the back of a nearly three-fold jump in trading volumes.