Domestic stock markets started Wednesday's session on a strong note, tracking advances in Asian peers. The Sensex rose as much as 327.27 points to touch 36,300.98 in morning trade, while the Nifty rose to 10,921.60, up 86.3 points from the previous close. Buying in banking, auto and metal stocks stocks pushed the markets higher. However, weakness in information technology counters kept the upside in check. Analysts awaited macroeconomic data due on Thursday.
At 9:57 am, the Sensex traded 307.89 points higher at 36,281.60, and the Nifty was up 78.80 points at 10,914.10. Forty four stocks at the time on the 50-scrip benchmark index traded in the positive zone. Top gainers on the Nifty were Sun Pharma, Yes Bank, Bajaj Auto, JSW Steel and Axis Bank, trading between 1.94 per cent and 3.16 per cent higher.
Equities in other Asian markets edged higher after Federal Reserve Chairman Jerome Powell reinforced the US central bank's recent shift towards a more "patient" approach on policy in the face of a slowing economy.
MSCI's broadest index of Asia-Pacific shares outside Japan added 0.1 per cent, not far from its five-month high marked on Monday. Japan's Nikkei share average gained 0.4 per cent, while Australian stocks rose 0.3 per cent.
The Fed is in "no rush to make a judgment" about further changes to interest rates, Mr Powell told US lawmakers on Tuesday as he spelled out the central bank's approach to an economy that is likely slowing.
The Sensex and Nifty had finished 0.66 per cent and 0.41 per cent lower respectively on Wednesday.
The government is due to release GDP or gross domestic product data on Thursday. According to a median forecast from more than 55 economists polled by Reuters on February 19-25, country's GDP growth stood at 6.9 per cent in the October-December quarter - its slowest pace in over a year.