The 30-share benchmark index, BSE Sensex opened with a gain of 107.02 points or 0.18% at 58,354.11, while the broad based NSE Nifty began flat with a gain of 7.65 points or 0.04%, at 17,387.65.

At 10.12 a.m., the Sensex was trading up 248.16 points or 0.43% at 58,495.25 with 19 components gaining.  Meanwhile, the Nifty was trading higher by 72.10 points or 0.41% at 17,452.10 with 30 components gaining.  

Major gainers in the 30-share index were NTPC (4.57%), ONGC (3.91%), Titan (3.06%), Bharti Airtel (2.13%), Power Grid Corporation Of India  (1.90%), Kotak Mahindra Bank (1.15%), Bajaj Auto  (0.98%) and Reliance Industries (0.95%).

On the other hand, Axis Bank (0.86%), HDFC Bank (0.43%), Tech Mahindra (0.22%), TCS (0.21%), Nestle (0.02%) and ITC (0.02%) were the biggest losers in the Sensex.

Market breadth was positive with 2,049 advances against 878 declines.

On global front, most Asian stocks fell on Wednesday amid growth concerns while Treasuries retained gains in the wake of inflation data that signalled flexibility for the Federal Reserve over when to start tapering stimulus. Hong Kong, Nikkei, Taiwan and South Korea Index declined 0.5-1%. SGX Nifty is trading flat to positive while Dow Future is up 0.1%.

U.S. stocks declined after a less-than-forecast increase in inflation was seen as giving Federal Reserve officials more flexibility when it comes to pulling back on stimulus. Yields on benchmark 10-year notes fell 5 basis points to 1.26%. Dow Jones and S&P 500 declined 1% and half percent respectively. August Consumer price index (CPI) reported at 0.3% vs 0.5% previous month while Bloomberg expectation was 0.4%.

European stocks erased gains from a smaller-than-expected increase in U.S. consumer prices as investors turned their attention to the prospect of central banks rolling back stimulus and as miners slumped with metals. Both UK and France Index declined 0.5% each while Germany Index bounced back into positive territory.