Equity benchmark indices opened higher on Wednesday led by a rally in global stock markets and after retail inflation data boosted chances of a rate cut. Reliance, HDFC, ICICI Bank, Infosys and Bajaj Finance were among top contributors to the index gain.

The Nifty Pharma index dropped 3% led by losses seen in Dr Reddy’s, Glenmark and Sun Pharma.

The Sensex was up 124 points at 37,082, while the Nifty gained by 32 points to trade at 10,958 levels.

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India VIX is trading 3.88% lower at 17.08.

The Indian rupee gained by 40 paise at 71 per dollar against previous close 71.40/$.

Meanwhile, oil prices fell after industry data showed US crude inventories unexpectedly rose last week, erasing some gains from the last session that were stoked after Washington said it would delay tariffs on some Chinese goods.