The BSE Sensex gains 0.56 percent, while the NSE Nifty advances 0.52 percent.
Private sector banks gain on value-buying: ICICI Bank gains 1.8 percent after falling 2.5 percent in November as of Tuesday's close, while HDFC Bank is up 0.6 percent.
Shares in software services exporters gain tracking the weakening Indian rupee, which has fallen 2.4 percent against the U.S. dollar this month as of Tuesday's close.
Tata Consultancy Services gains 0.5 percent, while Infosys gains 1.2 percent.
However, shares in Bharti Airtel fall 1.3 percent on profit-booking after surging 14.6 percent so far in November as of Tuesday's close.