Equity benchmarks continued with its positive momentum from the previous session and opened on a good note, with the Nifty reclaiming 9800-mark.
At 9:16 am, the Sensex was up 77.14 points at 31526.17, while the Nifty rose 23.05 points at 9817.20. The market breadth was positive as 626 shares advanced against a decline of 186 shares, while 27 shares were unchanged.
Midcaps were back in favour as they outperformed the benchmarks, while other gainers included FMCG, auto stocks and metals.
Adani Ports, Tata Motors, Tata Power and BPCL were the top gainers, while Larsen & Toubro, Cipla and Asian Paints lost the most on both indices.
The Indian rupee slipped in the early trade on Wednesday. It has opened lower by 16 paise at 64.28 per dollar versus 64.12 Monday.
Pramit Brahmbhatt of Veracity said, "Encouraging US economic data and FII outflows will help the dollar appreciate. We expect the USD-INR to trade in a range of 64-64.50 for the day."
The US dollar strengthened after economic data, including July retail sales, beat expectations and cast the economy in a relatively favourable light.
Among global markets, Asian shares were mostly higher in early trade as investors digested earnings releases from regional corporates and a resurgent dollar.
Japan's Nikkei 225 edged down 0.03 percent, with gains in most tech stocks offset by losses in auto names. South Korea's Kospi rose 0.67 percent as markets returned from a public holiday.
Australia's S&P/ASX 200 gained 0.07 percent, as steep gains in the energy sub-index, which was up by 3.26 percent, were offset by declines in the health care, information technology and financial sub-indexes.
US stocks ended little changed on Tuesday as declines in Home Depot and other retailers following results offset upbeat US retail sales data.
The S&P 500 consumer discretionary index, down 0.9 percent, also took a hit from a steep fall in the shares of Coach and Advance Auto Parts after disappointing results. The S&P 500 retail index was down 1.6 percent.
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