The BSE Sensex, which, touched a high of 53,866, was up 300 points at 53,500. The NSE Nifty had crossed the 16,000-mark for the first time in nearly a month in intraday trades on Tuesday.
Among stocks, Marksans Pharma surged over 11 per cent after the company said it will consider a share buyback.
MMTC also soared 7 per cent. The company has completed the sale of Neelachal Ispat Nigam to Tata Steel Long.