At 1425 hrs, the Sensex was up 51 points at 16,911 and they Nifty gained 23 points at 5,126 levels.
The Sensex had touched an intra-high of 16,944 and the Nifty touched an intra-day high of 5,135 so far.
On the global front, Japan's Nikkei share average rose on Wednesday as investors bet on a new round of stimulus from the US.
Federal Reserve to pep up a flagging U.S. recovery and offset the impact of a deepening euro zone debt crisis.
The Nikkei climbed 1.1 percent to 8,752.31, its highest closing level since May 17, as risk sentiment picked up and spurred gains for insurance and real estate companies.
European shares and the euro steadied on Wednesday, pausing after strong gains, as investors waited to see if the U.S. Federal Reserve will adopt further monetary stimulus to help counter faltering economic growth.
Back home, BSE Healthcare, Power, Capital Goods, Auto, Oil & Gas, Metal and PSU indices have gained between 0.5-1%. However, BSE Technology and Realty indices are trading marginally in red zone.
Capital Goods major L&T and BHEL have spurted between 1-3% on after the Prime Minister's Office (PMO) called for a meeting today Wednesday to revive the contentious issue of imposing duty on foreign power equipment in the country.
From the Auto segment, Tata Motors is the top Sensex gainer, up over 3%. Hero Moto and M&M have gained between 0.2-2%.
Power stocks like Tata Power and NTPC have surged between 1-2%
India Inc takes the innovative route to cost-cutting
Markets end flat ahead of May WPI
Markets end lower as rate cut hopes dim
QUIZ: Can you identify these business leaders?
Macquarie, HDFC at war over accounting practices