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The Bombay Stock Exchange 30-share index Sensex added 81.41 points to close at 17,077.18, matching the highest level seen on November 14.
On similar lines, the National Stock Exchange index Nifty rose by 30.95 points to 5,158.30.
Traders said investors confidence got a boost after the Reserve Bank of India yesterday reduced the cash reserve ratio (CRR) for the first time since 2009, signaling to banks that they cut interest rates. The Sensex had gained 244 points yesterday as well.
Buying activity picked up also on account of investors covering their pending positions created on the last day of current month settlement in the derivatives segment.
Reliance Industries rose by 0.89 per cent to Rs 790.10 and Infosys by 1.51 per cent to Rs 2,659.75.
Banking sector stocks rose on expectations that the RBI move would boost revenue of lenders. HDFC jumped 1.12 per cent to Rs 708.30 and State Bank by 0.75 per cent to Rs 2,056.60.
The metal sector index gained the most, 1.79 per cent, followed by auto index at 1.15 per cent, IT sector index 1.06 per cent, oil and gas 0.57 per cent and banking index 0.33 per cent.
Stock markets will remain closed tomorrow on account of 'Republic Day.'
Markets @ 10.44 AM (Reuters)
The BSE Sensex nudged higher on Wednesday, a day after the RBI indicated it would support growth, raising expectations for more foreign fund investments.
Software services exporters Infosys and Tata Consultancy Services climbed 1 and 1.5 percent respectively, while Tata Motors gained 2.2 percent.
By 10:44 a.m. (0514 GMT), the main 30-share BSE index was up 0.3 percent, at 17,050 with 18 of its components gaining.
Trading was volatile because of the expiry of monthly derivatives contracts later in the day.
"For the time being the market should consolidate before it starts upward journey again," said KK Mital, head of portfolio management services at Globe Capital.
The benchmark index has gained 10 percent since the start of the new year, with foreign funds buying shares worth more than $1 billion, and traders said there would be profit-taking.
The index fell a quarter in 2011 as foreign funds pulled out about $500 million after a series of rate increase by the RBI hit growth.
On Tuesday, the Reserve Bank of India slashed cash reserve requirement for banks by 50 basis points to help ease tight liquidity, but kept rates unchanged due to high core inflation.
Top home finance company Housing Development Finance Corp gained 1.3 percent.
The 50-share NSE index was up 0.24 percent at 5,140.15. In the broader market, there were two gainers for every loser, with 234.6 million shares changing hands.
Non-ferrous metals maker Sterlite Industries firmed 2.4 percent, buoyed by gains in copper prices in London.
Biocon, the country's leading listed biotechnology company, fell as much as 4.4 percent after its quarterly net profit dropped a worse-than-expected 15.8 percent.
Cairn India rose as much as 4.23 percent after the oil explorer reported a 12.5 percent rise in its December quarter earnings after market hours on Tuesday.
The MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.7 percent.
STOCKS ON THE MOVE
* Kale Consultants jumped 17.6 percent, after the company said late on Tuesday its board would consider a share buyback proposal at a meeting on February 1.
* Tata Global Beverages rose 2.4 percent, Indian Hotels Company gained 0.8 percent and Bank of Baroda climbed 1.3 percent ahead of the their quarterly earnings.
* GMR Infrastructure rallied 2.8 percent after an official told Reuters late on Tuesday, the company withdrew its bid to modernise and expand an airport in Croatia but is preparing to bid on similar projects in Brazil.
* Kale Consultants jumped 17.6 percent, a day after the company said its board would consider a share buyback proposal at a meeting on February 1.
TOP 3 BY VOLUME
* Suzlon Energy with 14.6 million shares
* Unitech with 9.5 million shares
* Tata Motors with 6.5 million shares
Markets @ 09.00 AM (Reuters)
The BSE Sensex rose in early trade on Wednesday, led by lenders and energy conglomerate Reliance Industries, ahead of the expiry of monthly derivatives contracts.
Top-listed biotechnology company Biocon fell 2.6 percent after its quarterly net profit dropped a worse-than-expected 15.8 percent.
At 9:17 a.m. (0347 GMT), the 30-share BSE index was up 0.4 percent at 17,060.19, with 25 of its components rising.
The broader 50-share NSE index also was up 0.4 percent at 5,145.65.
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