Mumbai: Domestic equity benchmark Sensex rallied over 300 points in opening session on Wednesday led by gains in Reliance Industries, ICICI Bank, Axis Bank and Kotak Bank amid positive cues from global markets and sustained foreign fund inflow.

The BSE Sensex was trading 314.47 points or 0.83 per cent higher at 38,002.38; while the NSE Nifty was up 88.70 points or 0.80 per cent at 11,183.95.

Axis Bank was the top gainer in the Sensex pack, rising over 3 per cent, followed by IndusInd Bank, UltraTech Cement, Tata Steel, Bajaj Finance, SBI, Bajaj Finserv, ICICI Bank, Axis Bank and Reliance Industries.

On the other hand, PowerGrid and Nestle India were among the laggards.

In the previous session, the 30-share Sensex soared 748.31 points or 2.03 per cent to close at 37,687.91, while the NSE Nifty rallied 203.65 points or 1.87 per cent to 11,095.25.

Exchange data showed that foreign institutional investors purchased equities worth Rs 703.74 crore on a net basis on Tuesday.

According to traders, besides stock-specific action, positive cues from global markets and sustained foreign fund inflow buoyed domestic benchmarks.

Bourses in Shanghai, Hong Kong and Seoul were trading with gains in mid-day deals, while Tokyo was in red.

Stock exchanges on Wall Street ended on a positive note in overnight session.

Global oil benchmark Brent crude was trading 0.11 per cent lower at USD 44.38 per barrel.

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