The equity market surged on Wednesday, tracking positive global cues as investor optimism increased on the US-China trade tariff talks extending by another day. Domestic sentiment, however, remained cautious ahead of the onset of the third quarter earnings season and the uptrend in global crude prices which could expand fiscal deficit.

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The Sensex jumped more than 211 points, or 0.59 percent, to 36,192 in initial trade, while the Nifty50 gained 56.60 points, or 0.52 percent, to trade at 10,858.80.

The Nifty MidCap surged 40 percent, trailing behind frontline indices.

Barring BSE Telecom, all other sectoral indices surged with the Nifty IT leading 42 advancing sectors. BSE Auto surged more than half a percent, while Bank Nifty gained 0.61 percent.

Infosys shares surged 1.63 percent as the company said it will consider a share buyback proposal

and special dividend later this week, while Tata Motors was up 1.31 percent. Hindalco, Axis Bank and HDFC surged between 0.98 percent and 1.16 percent.

Oil marketing companies slipped further as crude prices strengthened for the sixth consecutive day. HPCL and BPCL both dipped 0.71 percent and 0.68 percent, respectively.

Bharti Infratel was the top laggard despite Credit Suisse giving a largely positive outlook on the stock. Hero MotoCorp and Bajaj Auto fell 0.39 percent and 0.30 percent, respectively.

Meanwhile, the rupee opened higher against the US dollar at 70.06, rising from its Tuesday's close of 70.21.

Oil prices rose on Wednesday, extending gains from the previous session with international Brent crude futures up 42 cents, or 0.7 percent, at $59.14 per barrel, reported Reuters.

Asia market traded higher with Hong Kong's Hang Seng index surging 2.32 percent, while South Korea's Kospi was up by nearly 2 percent. Japan's Nikkei gained 1.30 percent.

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