Reuters Market Eye - The BSE Sensex gains 0.9 percent, while the 50-share Nifty is up 0.82 percent, rebounding from 3-month lows hit on Tuesday.
Bharti Airtel Ltd shares gain 3.1 percent on expectations the government will be forced to cut the reserve prices for the remaining auctions of airwaves, improving the earnings outlook for the sector.
Gains also track positive Asian shares after the U.S. Federal Reserve's affirmation of its commitment to monetary stimulus.
Recent blue chip underperformers recover on value buying, with ICICI Bank Ltd up 2.1 percent and Larsen & Toubro Ltd rising 3.9 percent.
(Reporting Abhishek Vishnoi)
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