After forming a bearish candle in the previous trading session, Nifty formed a bullish candle on Wednesday which suggest that bulls have some more steam left. The S&P BSE Sensex rallied over 100 points while Nifty closed a shade below 10,750 levels.

The S&P BSE Sensex rose 103 points or 0.29 percent to close at 35,319.35\. It hit an intraday high of 35,404.83, and a low of 35,134.20 in trade today.

The Nifty which breached 10,750 levels in intraday trade failed to close above the crucial levels as traders preferred to book profits at higher levels. The index closed 23 points higher or 0.22 percent at 10,741.70.

Oil prices rose more than 3 percent on Wednesday, hitting 3-1/2-year highs, after US President Trump abandoned a nuclear deal with Iran and announced the "highest level" of sanctions against the OPEC member, said a Reuters report. Brent crude oil touched its highest since November 2014 at $77.20 a barrel.

Sectorally, S&P BSE IT index was the lead sectoral gainer, up 0.74 percent thanks to fall in rupee which plunged to fresh 15-month low in morning trade. Other sectors which participated in the rally include names like BSE Consumer Durable index which gained 0.46 percent, and the S&P BSE Energy index which was up 0.32 percent.

On the losing front, the S&P BSE Power index dropped 0.5 percent, followed by the S&P BSE Healthcare index which fell 0.47 percent, and the S&P BSE PSU index dropped 0.36 percent.