According to analysts, key Indian equity indices which opened on a positive note maintained the gains aide by a slight drop in crude oil prices.
"I would view this as a relief rally, as the fall of the stock market in the recent past was led by NBFCs. This is the pullback which was long due. It comes after the SBI on Tuesday said that they will buy assets from NBFCs," Rusmik Oza, Head of Fundamental Research, Kotak Securities, told IANS.
"Having said that, there is still uncertainty, we are definitely not out of the woods as other public sector banks are low on cash."
At 3.30 p.m., the NSE Nifty50 provisionally closed at 10,460.10, up 159.05 points or 1.54 per cent.
The Sensex touched an intra-day high of 34,858.35 points and a low of 34,346.50.
(With inputs from agencies.)