Aussie stocks are pricing in positive offshore leads, however the gains aren't as much as what was expected with traders awaiting new developments.

At 1010 AEST on Thursday, the benchmark S&P/ASX200 index was up 36.7 points, or 0.71 per cent, at 5,224.4, while the broader All Ordinaries index was up 36.9 points, or 0.70 per cent, at 5,287.8.

IG chief market strategist Chris Weston told Xinhua there had been a "technical destruction" to the market's psyche following the negativity from weaker than expected local inflation data.

"(There's) enough reasons to see this market not doing perhaps as well as we'd hoped it to do, but it's still up and that's just pricing in some of the strengths and positivity we saw offshore," Weston said.

Managers aren't keen to put large swathes of money to work given the investment picture hasn't change, the Bank of Japan (BoJ) could "throw a spanner in the works" if it holds rates during the session and the negative sentiment, Weston said.

"It's pretty clear, traders don't want to push this market any lower, but we're missing that spark to take us higher," Weston said, adding there could be life following the BoJ meeting.

"We're stuck in limbo, in no man's land... which given the good run is quite a good thing, as that's what you want to see before another run higher, or potentially a move lower, " said Weston.

ANZ is up 0.75 percent, the Commonwealth Bank of Australia edged 0.16 percent higher, the National Australia Bank rose 0.69 percent and Westpac had risen 0.10 percent.

BHP Billiton bounced 3.33 percent, rival Rio Tinto gained 2.23 percent and gold miner Newcrest lifted 0.82 percent.

Oil Search climbed 0.87 percent, Santos rallied 2.09 percent and Woodside Petroleum is 1.97 percent stronger.

Wesfarmers is up 0.24 percent while Woolworths lifted 1.27 percent.

Qantas fell 1.95 percent and Telstra is 0.37 percent weaker.