The 30-share BSE benchmark Sensex jumped 310.91 points to 54,637.30. The broader NSE Nifty gained 83.35 points to 16,349.50.
Among the Sensex firms, Sun Pharma, Bajaj Finserv, Titan, Bajaj Finance, IndusInd Bank, Reliance Industries, Dr Reddy's and Tata Steel were the major gainers in early trade.
At 9:16 am, the Sensex was up 269.23 points or 0.47 per cent at 57435.97, and the Nifty was up 92.80 points or 0.54 per cent at 17266.50.
Joe Biden's decision to not cut oil exports provided a big boost to Wall Street, where all three main indexes surged from deep in the red to end Feb 24 on a note
US officials had warned of an imminent incursion by Russia after the Kremlin this week recognised two breakaway regions in Ukraine and said it would provide 'peacekeepers'.
Analysts believe that global markets regrouped, hoping that Western sanctions on Russia after Russian troop movements near Ukraine might soften Moscow's defiant tone and leave some room to avoid a war
On Tuesday, the US's Federal Communications Commission cancelled the operating licence of China Telecom's US unit saying it "raised significant national security and law enforcement risks".
The Washington Post and Wall Street Journal said US President Trump had decided to impose 10 percent levies on USD 200 billion of Chinese imports and could make an announcement in the coming days.
The fresh tariffs are aimed at putting pressure on Beijing ahead of tough negotiations on its demand for technology transfer from US companies.
Despite the expected passage of the bill, all three main Wall Street indexes ended Tuesday in the red -- having clocked up a series of record closes of late -- and the weak lead kept Asia tethered.