 "Markets recover, Nifty reclaims 8,250; Axis Bank up 3%")
At 13:03PM, the 30-share Sensex was up 33 points at 27,433 and the 50-share Nifty was up 11 points at 8,297.
However, the broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up 0.3-1%.
The market breadth is positive with 1,345 gainers and 1,019 losers on the BSE.
The main losers on the Sensex are Sesa Sterlite, ITC, Tata Motors, HDFC and Hindalco.
On the gaining side, Axis Bank, ICICI Bank, Wipro, Sun Pharma and Tata Steel have gained between 1-3%.
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Updated at 11:35
Markets extended losses in late morning trade weighed down by index heavyweights HDFC and ITC while telecom shares witnessed profit taking post their March quarter earnings.
At 11:35AM, the 30-share Sensex was down 194 points at 27,201 and the 50-share Nifty was down 57 points at 8,228.
Meanwhile, investors are also cautious ahead of the US Federal Reserve two-day policy meet which ends today which is likely to signal its stance on hike in interest rate. Further, the April derivative contracts are set for expiry tomorrow.
TECHNICAL VIEW
"For the Sensex resistance is seen at 27444 above 27482 and 27562. Support is at 27324 below 27245, 27141 and 27075. For the Nifty resistance is seen at 8305 above 8339 and 8355. Support is at 8277 below 8243, 8223, 8196, 8169 and more," Geojit BNP Paribas Financial Services said in a technical note.
SECTORS & STOCKS
FMCG stocks continue to remain subdued as weak monsoon forecast is likely to hit rural volumes. ITC was down 2% while Hindustan Unilever eased 0.5%.
Telecom shares which had firmed up ahead of their fourth quarter earnings eased on profit taking post the annoucement of their earnings on Tuesday. Bharti Airtel was down 0.8% while Idea Cellular shed nearly 4%.
Shares of IT exporters were trading mixed. TCS and Infosys were down 0.8-1.6% each while Wipro and Tech Mahindra were up 1.2-1.4% each.
Mortgage lender HDFC declined 2.7% while private banking major Axis Bank gained 2.3% ahead of their March quarter earnings scheduled later in the day.
ICICI Bank which had surged 8% on Tuesday extended gains and was up nearly 2% after several domestic brokerages upgraded the stock with ‘buy’ rating on expectations of improvement in asset quality going forward.
In the pharma segment, Sun Pharma and Lupin rebounded on renewed buying interest up 1-1.7% each while Dr Reddy's Labs was down 1.4%.
Among other shares, Marico Kaya Enterprises slipped 12% after reporting single digit growth in consolidated net profit at Rs 7.2 crore for the quarter ended March 2015 (Q4)
Shares of Alembic Pharmaceuticals and Torrent Pharmaceuticals have rallied by up to 11% in intra-day trade after the US Food and Drug Administration (FDA) approved the first generic versions of Abilify (aripiprazole).
In the broader market, the BSE Mid-cap index shed early gains and was trading flat while the Small-cap index was up 0.6%.
Market breadth was strong with 1,208 gainers and 996 losers on the BSE.