By 9:25, the Sensex was higher by 75 points at 24,624 mark and the Nifty gained by 19 points at 7,336 levels.

The market will remain volatile in the near future as traders roll over positions in the futures & options segment from the May 2014 series to June 2014 series. The near month May 2014 derivatives contract expire on Thursday.

On the global front, the S&P 500 closed at a record high for a second straight session on Tuesday, buoyed by the latest round of merger activity and as expectations for rate cuts at the European Central Bank stoked investors' appetite for equities.

Asian stocks inched higher on Wednesday and the dollar held near an eight-week peak against a basket of currencies, spurred by upbeat U.S. economic data and yet another record close for the S&P 500.

Riskier asset markets were underpinned overnight after the United States reported an unexpected rise in durable goods orders in April and higher home prices for March. Services industries, which dominate the economy, also grew at a rapid clip in May.

MSCI's broadest index of Asia-Pacific shares outside Japan tacked on gained 0.15 percent. Tokyo's Nikkei rose 0.2 percent, and Australian stocks put on 0.3 percent in morning trade.

Back home, the rupee is trading at 59.17 per dollar vs previous close of 59.04.

Hero MotoCorp will announce Q4 results today.

On the sectoral front, BSE Capital Goods and Consumer Durables indices have gained by nearly 1% each. However, BSE Realty and Auto indices have declined by 1% each.

The main gainers on the Sensex at this hour include BHEL, L&T, NTPC, Tata Steel, Bharti Airtel, ICICI Bank and Hero Moto.

The main gainers on the Sensex at this hour include BHEL, L&T, NTPC, Tata Steel, Bharti Airtel, ICICI Bank and Hero Moto.

Shares of Bharat Forge were up over 3% at Rs 516 after hitting a 52-week high of Rs 519.10 in early trades on the BSE after the company reported robust fourth quarter earnings.

Shares in Jet Airways slump 6.6% after the carrier posted a record quarterly loss yesterday.

The broader markets are out performing the benchmark indices- BSE Midcap and Smallcap indices have gained by nearly 1% each.

The market breadth in BSE remains positive with 972 shares advancing and 394 shares declining.