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 Indian shares opened higher on Wednesday, aided by broad-based gains across sectors, while lingering concerns over the ongoing global banking crisis kept the mood cautious.

The Nifty 50 index was up 0.33% at 17,008.20 as of 9:42 a.m. IST. The S&P BSE Sensex rose 0.28% to 57,772.50.

Analysts expect high volatility in Wednesday's session ahead of the March derivatives series monthly expiry.

Twelve of the 13 major sectoral indexes advanced, with high weightage financials and information technology rising 0.4% each.

The broader Asian equity indexes rose, aided by Alibaba, which jumped 15% in Hong Kong on plans to split into six units and explore fundraisings or listings.

The Nifty 50 fell on Tuesday, as the sell-off in Adani group stocks soured the mood.

Two of the Adani group stocks in the Nifty 50, Adani Enterprises and Adani Ports, rose over 1.5% and were among the top gainers.

The group's stocks fell on Tuesday after a report said the conglomerate was seeking to renegotiate terms of outstanding loans worth $4 billion taken to buy ACC and Ambuja Cements. A group spokesperson termed the report "totally false and untrue."

Bajaj Auto jumped over 1% after global brokerage firm JP Morgan reiterated its "overweight" rating on the stock, citing favourable risk-reward and scope for re-rating in 2023.

($1 = 82.1870 Indian rupees)