At 10:30 (AEST), the benchmark ASX 200 index was up 25.10 points or 0.37 percent at 6,796.30, while the broader All Ordinaries index was up 25.80 points or 0.37 percent at 7,026.20.
U.S. share markets advanced on Tuesday after bond yields declined. The Dow Jones lifted 0.10 percent, the S&P 500 lifted rose 1.40 percent and the Nasdaq climbed 3.70 percent.
"Markets shifted into reverse gear in overnight trading, unwinding recent moves," CMC Markets chief market strategist Michael McCarthy said.
"Re-opening related stocks fell as tech and other COVID winners rallied."
On the local bourse, information technology was leading gains, up 4.56 percent. Healthcare and consumer discretionary were also firmly higher.
On the other side, energy slumped as oil prices dropped, materials also slipped despite gold miners surging.
In the financial space, the big banks sank with Commonwealth Bank down (0.23 percent), National Australia Bank down (0.56 percent), Westpac Bank down (0.40 percent) and ANZ down (0.69 percent).
Mining stocks were mostly lower with BHP down (0.88 percent), Rio Tinto down (2.86 percent), and Fortescue Metals down (3.65 percent), however, gold miner Newcrest was up (3.19 percent).
The country's oil and gas producers slumped with Oil Search down (2.01 percent), Santos down (2.63 percent) and Woodside Petroleum down (1.13 percent).
Australia's largest supermarkets surged with Coles up (1.74 percent), and Woolworths up (1.15 percent).
Meanwhile telecommunications giant Telstra lifted (0.16 percent), the national carrier Qantas surged (1.95 percent) and biomedical firm CSL soared (2.04 percent).
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