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Markets have started the trading session on a higher note amid a rally in global markets, following the US Federal Reserve policy stance to continue trimming its monetary stimulus measures.
By 9:30, the Sensex was higher by 97 points at 20,460 mark and the Nifty has gained by 25 points at 6,088 levels.
Further, the interim Rail Budget will be presented by Railway Minister Mallikarjun Kharge later today. There are reportedly indications that passenger fares may not be touched barring minor changes in a few segments in the first rail budget to be presented by Kharge.
The government will also release inflation based on the consumer price index for January and the industrial production for December today.
Meanwhile, foreign institutional investors (FIIs) sold shares worth a net Rs 165.40 crore on Tuesday, as per provisional data from the stock exchanges.
On the global front, US stocks rallied on Tuesday as Congress agreed to advance legislation that extends borrowing authority and Federal Reserve Chair Janet Yellen said she wouldn't make any changes to the central bank's schedule for trimming its market-friendly stimulus.
All 10 S&P 500 sectors rose on the day, with most climbing more than 1%. The benchmark index is now 1.4% away from its record closing high, recovering much of its recent weakness, which took the index down as much as 6%.
Asian shares rallied for a fourth straight session on Wednesday as risk appetites was whetted by an optimistic economic outlook from Federal Reserve Chair Janet Yellen, which diminished the need for safe havens such as the yen and bonds.
Regional markets face a potential pitfall later Wednesday when China releases trade figures for January. Any weakness will stoke concerns about a slowdown and the risks would seem to be sizable given January last year was a very strong month for export growth, making for a tough comparison.
Back home, Apollo Tyres, BPCL, Cipla, Coal India, Eicher Motors, HT Media, NCC, Oil India, Radico Khaitan and Tata Comm will unveil their third quarter earnings today.
On the sectoral front, BSE Bankex, Capital Goods, Realty, TECk, Auto and IT indices have surged by nearly 1% each. Apart from Metal, all the major BSE sectoral indices are trading in positive zone.
The main gainers on the Sensex at this hour include BHEL, TCS, ICICI Bank, Tata Motors, HDFC Bnak, Hero Moto, RIL, Dr Reddy’s Labs and Wipro.
Delhi's chief minister Arvind Kejriwal reportedly has asked for an investigation to be launched into Reliance Industries' (RIL) Chairman Mukesh Ambani and policymakers over pricing of gas produced from the D6 block in the east coast.
On the losing side, Tata Steel, Coal India, Cipla, Sesa Sterlite and NTPC have declined between 0.3-2%.
Tata Steel, the world’s sixth largest producer, reported consolidated net sales of Rs 36,410 crore in the December quarter, up 14 per cent from the corresponding period last year, led by 5.6 per cent growth in deliveries at 3.2 million tonnes (mt) in Europe and 9.5 per cent growth to 2.07 mt at the India operations.
The broader markets are performing in line with the benchmark indices- BSE Midcap and Smallcap indices have gained by 0.4%.
The market breadth in BSE remains firm with 676 shares advancing and 263 shares declining.
