At 2:12PM, the 30-share Sensex was up 218 points at 29,345 and the 50-share Nifty was up 62 points at 8,871.

In the broader market, both the BSE Midcap and Smallcap indices, up 0.8% and 1% each have performed better the front-liners. Market breadth in BSE is positive with 1,562 advances against 1,224 declines.

Meanwhile, foreign institutional investors were net sellers in Indian equities worth Rs 183 crore on Monday, as per provisional stock exchange data.

10 of the 12 sectoral indices of BSE are in green. BSE Consumer Durables index, up 1.9%, is the top gainer followed by BSE Power and Capital Goods indices, up 1.1% each. BSE Metal index, down 0.6% has lost the most followed by BSE Oil & Gas index down 0.3%.

Financials have gained in today’s session. HDFC has gained over 3%, ICICI Bank is up 1%, and HDFC Bank is up 0.7%. Axis Bank has gained 0.3% and SBI is up 0.2%. Axis Bank has raised Senior Notes in international market worth $55 million under the Medium Term Note (MTN) Programme through its Hong Kong branch. A senior note is a debt security or bond that takes precedence over other unsecured notes and is thus relatively secure as it must be repaid in the event of bankruptcy while a a debt security or bond that usually matures in five to 10 years is called MTN.

ITC is trading higher by nearly 1% extending its over 5% rally in past two days following the acquisition of the trademarks for 'Savlon' and 'Shower To Shower' in India from Johnson & Johnson for an undisclosed amount.

TCS has been recognised as a leader in Banking and Capital markets Application Outsourcing Services in Europe by leading advisory and research firm Everest Group. The stock is up 1.2%.

GAIL has fixed March 03, 2015 as the Record Date for the purpose of Payment of Interim Dividend. The stock is 1.3%.

NTPC has decided to invest approximately Rs 60,000 crore for executing green energy projects in the next five years as part of government's plans to provide thrust to clean electricity generation. The stock is up 1.7%.

M&M has gained 1.7%. M&M has decided to recall all the XUV500 vehicles, manufactured on of before July 2014 for the up gradation of the side curtain airbag.

Tata Motors has gained around 1% on reporting a marginal increase in global sales, including Jaguar Land Rover, at 80,499 units in January.

On the losing side, Hero Motocorp has declined 5.3%. BSE has sought clarification from Hero Motocorp about news reports attributing the fall in the stock to company's promoters' plan to reduce their stakes in the company through open market offer. According to media reports, the Munjal family, the promoters of Hero MotoCorp, are selling stake worth $300 million on Wednesday to invest in power and real estate sector.

Bharti Airtel has declined 2.4%. It has launched its first pan-Africa customised 3G smartphone for $53, aiming to tap mobile data users.

Japan's Nikkei share average closed at a fresh eight-year high on Wednesday after U.S. stocks rallied on hopes that a debt deal would be reached with Greece, while investors digested the Bank of Japan's decision to keep policy unchanged. The Nikkei closed 1.2% higher at 18,199. Chinese stocks too gained and Shanghai Composite index ended 0.5% higher while Hang Seng index closed 0.2% higher.

European markets have opened higher on hopes of amiable settlement of Greece debt crisis. A source close to the government said Greece intends to ask on Wednesday for an extension for up to six months of a loan agreement with the euro zone, on conditions to be negotiated. FTSE 100 index has gained 0.2%. CAC 40 index is up 0.6% and DAX index is up 0.4%.