New Delhi,  India's key indices -- S&P BSE Sensex and NSE Nifty50 -- rose further in the afternoon trade on Wednesday.

Reports saying Russia announced a first pullback of troops from Ukraine's borders are also likely to have supported the investors' appetite in the market.

At 2.37 p.m., Sensex traded at 58,459 points, up 0.6 per cent or 317 points, whereas Nifty traded 17,436 points, up 0.5 per cent or 84 points.

In the morning session, indices were marginally higher from their previous close.

Among the stocks, Divi's Labs, Adani Ports, Indian Oil Corporation, HDFC Life, and Mahindra & Mahindra were the top five gainers among the Nifty 50 companies, rising 3.7 per cent, 3.5 per cent, 2.8 per cent, 2.8 per cent, and 2.2 per cent, respectively.

Ultratech Cement, Hindalco, NTPC, SBI and Tata Steel, on the other hand, were the top losers in the afternoon session, NSE data showed.