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The decline in the Index of Industrial Production (IIP) was 10.8 per cent in July. The contraction in August stood at 8 per cent, as per the latest data.

The newly-constituted MPC of the Reserve Bank began its three-day deliberations on Wednesday. The decision of the rate-setting panel will be announced on October 9.

Sensex was trading 264.26 points higher at 39,838.83 and the broader NSE Nifty rose 69 points to 11,731.40.

Dollar index, which gauges the greenback's strength against a basket of six currencies, was trading 0.13 per cent down at 93.39.