Equity benchmark Sensex rallied over 350 points in early trade on Wednesday, tracking gains in index-heavyweights HDFC twins, Bajaj Finance and Infosys.

The 30-share BSE index was trading 351.06 points or 0.72 per cent higher at 49,295.20.

Similarly, the broader NSE Nifty advanced 95.30 points or 0.65 per cent to 14,748.35.

Bajaj Finance was the top gainer in the Sensex pack, rising around 3 per cent, followed by Bajaj Finserv, Bajaj Auto, SBI, IndusInd Bank, M&M, Bharti Airtel, HDFC twins, Kotak Bank and Infosys.

On the other hand, UltraTech Cement, Reliance Industries and Maruti were among the laggards.

In the previous session, Sensex ended 557.63 points or 1.15 per cent higher at 48,944.14, and Nifty surged 168.05 points or 1.16 per cent to 14,653.05.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 1,454.75 crore on Tuesday, while domestic institutional investors (DIIs) bought shares worth Rs 1,463.44 crore, according to provisional exchange data.

According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, there are some consistent trends in the market now.

"One, despite the bad news on the COVID front, the market has been maintaining the upside momentum. Two, FIIs have been consistent sellers (above Rs 10,000 crore in April, so far) and DIIs have been consistent buyers. These trends are likely to continue in the short run and markets are likely to remain strong," he said.

It appears that markets are looking into the post-second wave scenario which is likely to emerge in May, he noted, adding that global support to markets continues with positive economic data from the US. The FOMC comment expected later in the day is likely to reaffirm the US Fed's accommodative stance, imparting further resilience to markets.

Meanwhile, Q4 results continue to be good. Axis Bank's numbers confirm the trend of leading private sector banks growing their market share. Early bird midcap results are much better than expected. Midcaps are likely to outperform in the coming days," he said.

Elsewhere in Asia, bourses in Hong Kong and Tokyo were trading on a positive note in mid-session deals, while Shanghai and Seoul were in the red.

Bourses on Wall Street ended with losses in overnight sessions.

Meanwhile, international oil benchmark Brent crude was trading 0.09 per cent lower at USD 65.82 per barrel.