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By 9:30, the Sensex was up 52 points at 19,688 and the Nifty has gained 14 points to 5,955.
Global stock markets rose on Tuesday as U.S. stocks were boosted by news of yet another possible merger that suggested there is still room to the upside, while a pick-up in German economic sentiment supported European stocks.
The S&P 500 Index, hovering near a five-year high, extended its seven-week winning streak. The Dow Jones industrial average was up 0.34%, at 14,029. The Standard & Poor's 500 Index was up 0.62%, at 1,529. The Nasdaq Composite Index was up 0.50%, at 3,208.
In Europe, stocks posted their best finish in three weeks as stronger-than-expected German sentiment data prompted investors to return to economically-sensitive sectors like autos and technology after a three-session losing streak.
Asian shares rose to their highest since August 2011 on Wednesday after an improving global economic outlook boosted world equities overnight, encouraging investors to take on risk.
The MSCI's broadest index of Asia-Pacific shares outside Japan added 0.7%, rose for a third day in a row, led by a 1.7% gain in its technology sector. The index has risen 4% so far this year.
Back home, BSE Oil & Gas index has spurted by almost 1% followed by counters like Realty, FMCG, Auto, Banks, PSU, Metal, Healthcare, TECk, IT and Capital Goods, all gaining marginally. However, BSE Consumer Durable and Power indices are trading marginally lower.
Reliance Inds is the top Sensex gainer, up over 1% as the company and its partner BP Plc plans to jointly invest more than $5 billion over the next three to five years to boost output at a key natural gas field off India's east coast.
Other notable gainers include Hero Moto, Sun Pharma, ITC, HDFC Bank, CIL, Wipro, M&M, Hindalco and ONGC.
On the losing side, HUL, Maruti Suzuki, NTPC and Bajaj Auto have declined by 1% each.
The BSE mid-cap and small-cap indices are trading marginally positive, both gaining between 0.2-0.4%.
The market breadth in BSE remains positive with 852 shares advanced while 414 shares declining.
