At 13:27 IST, the barometer index, the S&P BSE Sensex was up 580.96 points or 0.80% to 73,047.72. The Nifty 50 index gained 166.25 points or 0.76% to 22,169.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.38% and the S&P BSE Small-Cap index gained 1.09%.

The market breadth was negative. On the BSE, 1,839 shares rose and 1,925 shares fell. A total of 123 shares were unchanged.

Gainers & Losers:

Reliance Industries (up 3.63%), Bajaj Auto (up 3.04%), Maruti Suzuki India (up 2.94%) Adani Ports and Special Economic Zone (up 2.38%) and Bharat Petroleum Corporation (BPCL) (up 1.24%) major Nifty gainers.

Britannia Industries (down 1.35%), Nestle India (down 1.20%), Apollo Hospitals Enterprise (down 1.03%) Dr Reddy's Laboratories (down 0.91%) and Hero Motocorp (down 0.67%) were major Nifty losers.

Stocks in Spotlight:

Dynacons Systems & Solutions zoomed 18.61% after the company announced that it has been awarded a significant contract worth Rs 41.72 crore by the National Payments Corporation of India (NPCI) for a Data Centre Tech Refresh initiative.

Wockhardt locked in upper circuit of 5% after pharmaceutical company announced the completion of fundraising of Rs 480 crore through qualified institutional placement (QIP) of equity shares.

Larsen & Toubro (L&T) rose 1.14% after the EPC major announced that its construction arm has secured ‘large' orders for its Buildings & Factories business in the domestic and international markets.

Angel One jumped 7.38% after the stockbroker announced that its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 2,555.01 per share.

Global Markets:

European stocks declined across the board while Asian stocks traded mixed on Wednesday as investors assessed economic data from China and Australia.

Investors awaited for Spanish inflation data and French consumer confidence figures for March on Wednesday.

China’s combined industrial profit for January and February climbed 10.2% year on year, data showed. Industrial profits fell 2.3% for the whole of 2023. Data from Australia showed consumer price inflation in February rose 3.4% year over year.

U.S. stocks slipped on Tuesday as investors awaited economic data in a holiday-shortened week to gauge the Federal Reserve's policy path. The Personal Consumption Expenditure data is due to be released on Friday.