Sensex Rises 95 Points; Nifty Ends Above 10550

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Meanwhile, shares of state-run oil refiners tumbled and were the top percentage losers on the NSE index as oil prices remain close to late 2014-highs on the back of declining USA crude inventories, while top exporter Saudi Arabia pushed for higher prices.

In the broader market, the BSE Midcap and BSE Smallcap indices gained 0.3 per cent. Market breadth, indicating the overall health of the market, turned positive.

The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.15 per cent, while E-Mini futures for the S&P 500 edged up 0.1 per cent. France's CAC and Britain's FTSE were up 0.2 percent each while Germany's DAX fell 0.1 percent at the time of writing this article.

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However, stocks of oil marketing companies such as HPCL, BPCL and International Olympic Committee faced selling pressure in view of rising global oil prices. Brent crude oil was trading almost $74 per barrel.

Consumer staples stocks such as Dabur India Ltd rose as much as 2.8 percent to hit a near 11-week high, while Hindustan Unilever Ltd hit an all-time high.

Metal stocks hogged limelight as the Nifty Metal index rising 4.5 percent on higher global commodity prices. Shares of Hindalco, Vedanta, Nalco and Tata Steel rallied up to 5%.

"Markets will be range-bound with stock specific moves taking place based on earnings".

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TCS gained 1 percent while IndusInd Bank slid half a percent ahead of their Q4 earnings due today.

Larsen & Toubro, GAIL, HCL Technologies, Bharti Airtel and Yes Bank rose 2-3 percent.

Gainers that supported the upmove were ONGC, Tata Steel, Adani Ports, ITC, Dr Reddy's, Asian Paints, L&T, Yes Bank and Reliance Industries, rising up to 2.15 per cent. It had gained 420.30 points, or 4.15 per cent in the past nine sessions.

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But on Tuesday China's Commerce Ministry ordered importers of U.S. sorghum to post bonds to pay possible anti-dumping duties. In China, sorghum is used in animal feed and also in the production of a popular type of Chinese liquor. "It's very high.

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