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The BSE benchmark Sensex opened higher in trades on Wednesday supported by gains in oil & gas, banking, IT and consumer durable stocks.
The 50-share Nifty was trading close to its important level of 8,750 led by buying in heavyweights like State Bank of India, Tata Steel, ICICI Bank and Reliance Industries.
The broader markets were marginally outperforming the benchmark indices with BSE mid-cap and small-cap indices up 0.3 and 0.4 per cent each respectively.
Meanwhile, Asian stocks fell to a two-month low on Thursday as nervous markets recoiled on worries about an earlier US interest rate hike, while such a prospect helped send the dollar to a 12-year high against the euro.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4 per cent after touching its lowest since January. Japan's Nikkei dipped 0.1 per cent and Australian and South Korean shares lost 1.1 per cent and 0.7 per cent.
Overnight, The US dollar rallied across the board on Tuesday as the prospect of the first rise in US interest rates in almost a decade stoked global volatility, hitting stocks and oil prices.
A resetting of the likely timing of the first Federal Reserve Funds Rate hike since June 2006 was the main driver for Tuesday's selling in equities, analysts said.
The Dow Jones industrial average fell 332.78 points, or 1.85 per cent, to 17,662.94, the S&P 500 lost 35.27 points, or 1.7 per cent, to 2,044.16 and the Nasdaq Composite dropped 82.64 points, or 1.67 per cent, to 4,859.80.
Back home, buying was visible in banking, oil & gas, IT, consumer durable and realty stocks in the opening deals. On the other hand, Healthcare and metal stocks were some amount of profit-booking after yesterday's up move.
From the Nifty basket 28 stocks were advancing while 21 were declining. HCL Technologies was the top Nifty gainer, up nearly 2 per cent to Rs 2,082. Asian Paints, Infosys, Tata Power, Wipro, State Bank of India, Axis Bank and Bharat Petroleum were also trading 0.7-1 per cent higher.
The overall breadth was positive as 1,009 stocks were advancing while 576 were declining.
At 9:40 a.m., the Sensex was up 18 points at 28,728 and the Nifty advanced 6 points to 8,718.
(With inputs from Reuters)
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