Equity benchmark Sensex surged over 300 points in opening trade on Wednesday led by buying in index-heavyweights HDFC twins and positive cues from Asian peers.

After hitting a high of 32,431.20, the 30-share index was trading 285.83 points or 0.89 per cent higher at 32,400.35.

Similarly, the NSE Nifty advanced 78.95 points, or 0.84 per cent, to 9,459.85.

HDFC was the top gainer in the Sensex pack, rallying nearly 5 per cent, followed by Bajaj Finance, HDFC Bank, Tech Mahindra, M&M, Reliance Industries and NTPC.

On the other hand, IndusInd Bank, Axis Bank, Titan, HUL, Asian Paints and Infosys were among the laggards.

In the previous session, the BSE barometer settled 371.44 points or 1.17 per cent higher at 32,114.52, while the Nifty advanced 98.60 points, or 1.06 per cent, to close at 9,380.90.

Foreign portfolio investors were net sellers in the capital market on Tuesday, as they offloaded equity shares worth Rs 122.15 crore, according to provisional exchange data.

Market participants were seen accumulating stocks in anticipation of another stimulus package by the government, traders said.

Investor sentiment improved on hopes that gradual lifting of global lockdowns would help start economic recovery, they added.

Further, markets are also awaiting cues from US Federal Reserve's monetary policy decision, scheduled to be announced later in the day.

Bourses in Shanghai, Hong Kong and Seoul were trading on a positive note.

On Wall Street, however, key indices ended with losses in overnight trade.

International oil benchmark Brent crude futures rose 3.52 per cent to USD 23.54 per barrel.

Meanwhile, global tally of coronavirus infections has crossed 31 lakh, with over 2.17 lakh deaths.