By 9.30 am, Sensex was up 246 points or 0.31 per cent at 79,362 and Nifty was up 84 points or 0.35 per cent at 24,565.
Key broad-cap indices performed in line with the benchmark indices as Nifty Midcap 100 gained 1.02 per cent and Nifty Smallcap 100 gained 1.11 per cent.
All sectoral indices were trading in the green except FMCG and IT, which were down 0.13 per cent and 0.32 per cent, respectively. Along with Nifty Metal, Oil & Gas gained, which were up 1.23% and 1.43% respectively.
Indian benchmark indices closed in the red in the previous session as escalating conflict in the Middle East weighed on investment sentiment.
WTI crude oil April futures rose 3.36 per cent on an intraday basis, extending three-day gains as exports from Iraq and Kuwait may stop within days if the Strait of Hormuz remains closed.
In the previous session, the rupee had fallen by 69 paise to 92.18 against the US dollar, but it again fell to 91.66 due to the sharp rise in crude oil prices.
The immediate resistance zone of Nifty lies between 24,600 and 24,650, while support is seen in the 24,300–24,350 range.
Market participants said resistance for Bank Nifty is seen in the 59,000–59,100 band, while the 58,400–58,500 zone remains a key support area. In Asian markets, China’s Shanghai index rose 0.84 percent, and Shenzhen rose 1.67 percent, Japan’s Nikkei rose 1.84 percent, and Hong Kong’s Hang Seng index rose 1.13 percent. South Korea’s Kospi rose 9.69 percent.
US markets closed in the green overnight as the Nasdaq rose 1.29 per cent. The S&P 500 rose 0.78 percent, and the Dow Jones gained 0.49 percent.
On March 4, foreign institutional investors (FIIs) sold equities worth Rs 8,752 crore, while domestic institutional investors (DIIs) bought equities worth Rs 12,068 crore.
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