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Sensex Up 400 Points; Nifty Nears 11,200

Indian shares opened on a positive note Wednesday, tracking gains in global equities on hopes of a Covid-19 vaccine and expectations of another stimulus package in the U.S.

Investors also await the outcome of the Reserve Bank of India's three-day policy review due on Thursday for directional cues.

The benchmark S&P BSE Sensex jumped nearly 400 points, or 1.06 percent, to 38,087 in early trade, while the broader NSE Nifty index was up 103 points, or 0.93 percent, at 11,198.

Market heavyweight Reliance Industries rose over 1 percent to extend gains from the previous session.

Maruti Suzuki India advanced 1.6 percent as it gears up for the launch of the all-new BS6 complaint S-Cross.

Axis Bank rallied 3 percent after launching a Rs. 10,000 crore share sale.

Jubilant Life Sciences climbed 1.4 percent after launching a generic version of remdesivir for Covid-19 treatment.

Tata Motors gained 1.4 percent. The company said that reports about the stake sale in domestic car business are 'baseless and without any merit'.

Tata Consumer Products rose 2.3 percent on reporting 82 percent rise in quarterly net profit.

Sun Pharma added 1.2 percent after it launched antiviral Favipiravir at an "economical'' price of Rs 35 per tablet for the treatment of patients with mild to moderate Covid-19 disease.

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