Benchmark indices opened the day higher led by gains in Reliance Industries, HDFC and HDFC Bank.

The Sensex was trading with gains of 138 points, while the Nifty rallied 42 points in trade. Reliance Industries continued to move higher and was up another 2 per cent, adding to Tuesday's gains of 10 per cent.

Shares in Coal India lost 1 per cent, despite the company reporting a good set of results. Net profit at the coal mining firm was up up 22 percent at Rs 4,629.7 crore against Rs 3,786.3 crore. Jefferies has a target of Rs 275 on the stock of Coal India.

Kaveri Seed was also up in trade, after consolidated net profit at the company climbed.

Net profit jumped 9.6 percent to Rs 230 crore versus Rs 210.1 crore. The shares of the company were up 4.53 in trade at Rs 458.

Sun Pharma was the early loser in trade. The stock had rallied on Tuesday, after a good set of results.

In the broader markets HDFC Life shed as much as 8 per cent in early trade.

Meanwhile, most Asian stocks were trading higher, following delays of trade tariffs on certain products by the US. The Japanese Nikkei, the Hong Kong's Hang Sang and the Shaghai Composite were all up in trade.

Overnight the Dow Jones surged led by strong gains in Apple.