On daily charts Nifty has made a higher low which indicates formation of first higher top higher bottom structure, says Rushit Jain, equity technical analyst at Angel Broking.
Across Europe, Italy's FTSE MIB index was up 0.3 per cent after climbing to its highest level since late May, supported by a 1 per cent rise in the country's banking index to a five-month high.
The company yesterday reported a consolidated net loss of Rs 10.41 crore for the quarter ended September 30, 2016.
The Sensex rose over 400 points while the broader Nifty was firm above its crucial psychological level of 8,200, tracking strong global markets.
The company said Unit-II at Visakhapatnam, Andhra Pradesh, has had an inspection by the US Food and Drug Administration (USFDA) from November 29 to December 6.
Buying was visible across the sectors with banking, auto, capital goods, and metal indices rising over a per cent each.
Tata Steel shares rose as much as 3.27 per cent to hit intraday high of Rs 426.
Sensex rose over 300 points and Nifty was hovering around its crucial psychological level of 8,200 on the back of broad-based buying amid strong global cues. Meanwhile, NDTV Profit spoke to market experts on their top stock picks.
The Dow Jones industrial average rose 297.84 points, or 1.55 percent, to 19,549.62, the S&P 500 gained 29.12 points, or 1.32 percent, to 2,241.35.
MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.8 percent to a one-month top, while Australia jumped 1.3 percent helped by rising resource prices.
Continuing its uptrend for the second straight day, the rupee surged by another 27 paise to end at over three-week high of 67.63 even as the Reserve Bank unexpectedly kept policy rates steady.
During April-September 2016, as many as 57 firms raised a total of Rs 17,317 crore through initial public offers (IPOs), higher than Rs 4,904 crore mopped-up by 39 companies in the year-ago period.
A majority of the 56 analysts polled by Reuters had expected a rate cut of at least 25 basis points, though 18 had forecast policy would remain unchanged.
Sensex and Nifty edged up on Wednesday on hopes the central bank would cut interest rates later in the day as Prime Minister Narendra Modi's currency gamble threatens to hit nearly every aspect of the economy, from consumers to supply chains.
Shares of Sun Pharmaceutical Industries fell as much as 4.55 per cent to hit intraday low of Rs 674 after the Bombay Stock Exchange sought clarification from Sun Pharma.