Mumbai: The benchmark BSE Sensex was trading up by 227 points or 0.67 per cent in afternoon trade as banking, IT, pharma and oil stocks gained amid firm global markets.
The benchmark indices Sensex and Nifty had opened 0.50 per cent higher on positive global cues.
Buying was seen in metal, IT, Teck, Banking and financial counters. While healthcare and consumer durables stocks saw selling activity.
At 1220 hrs, the BSE Sensex rose 227 points or 0.67 per cent at 34,383.83.
Meanwhile the broader Nifty 50 index gained 72.05 points or 0.69 per cent at 10,572.95.
Healthcare and consumer durables stocks saw selling activity.
Major gainers were ICICI Bank 2.67 per cent, Infy 2.04 per cent, Yes Bank 1.73 per cent, Adani Ports 1.55 per cent and HDFC 1.35 per cent.
Losers include Hero Motoco 1.25 per cent, Asian Paints 0.83 per cent, Wipro 0.20 per cent and Kotak Bank 0.12 per cent
Foreign portfolio investors (FPIs) sold shares worth Rs 728.71 crore on net basis, while domestic institutional investors (DIIs) too sold equities to the tune of Rs 152.39 crore on Wednesday, provisional data showed.
On the macro front back home, wholesale price index (WPI) inflation dropped 2.84 per cent in January from 3.58 per cent in December of 2017.
Overseas, Asian stocks gained taking cues from the rally on Wall Street overnight following the release of stronger-than-expected US inflation data.