Nifty, which closed at 10,526.20 yesterday, was trading at 10,559.55, up by 33.35 points (0.32%), at 11:18 am.
Heavy buying in the metal, capital goods and IT stocks also helped the market sentiment remain positive.
The 30-share BSE Sensex closed up 95.61 points at 34,427.29 and the 50-share NSE Nifty rose 39.10 points to 10,565.30 while the broader markets outperformed frontliners, with the Nifty Midcap index rising 0.7 percent.
Information technology stocks bounced back from recent losses with the NSE IT index up more than 1 per cent and TCS gaining almost 1 per cent.
Hindalco shares soared as much as 8.8 percent, Vedanta jumped 6.7 percent and Tata Steel rallied 3.3 percent as base metal prices surged on supply worries following US sanctions on Russian companies. The shares of Axis Bank slumped 2.60 per cent while that of M&M, IndusInd Bank and Hero Motocorp dropped 1.55 per cent, 1.23 per cent and 0.97 per cent respectively.More news: Commission approves six-month suspension for Alvarez
TCS stock is up 0.50% ahead of Q4 results later in the day.
Meanwhile, on a net basis, Foreign Portfolio Investors (FPIs) sold shares worth Rs 915.71 crore while Domestic Institutional Investors (DIIs) bought shares worth Rs 869.70 crore on Wednesday, a provisional data showed.
The US Dow Jones Industrial Average ended 0.87 percent higher in yesterday.
Rising crude oil prices continued to hurt oil marketing companies including BPCL, HPCL and IOC, which slipped up to 7 per cent. Brent and WTI, which are now sitting at levels not seen since the end of 2014, edged up further in the global market.