Shweta was leading local favourite Sharmila Nicollet and overnight leader Neha Tripathi by one stroke at the Prestige Golfshire.
Shweta, who was trailing Neha and Sharmila after the first round, came back strongly with four birdies on the first, eighth, ninth and 12th holes, as compared to three bogeys on the second, fourth and seventh holes.
Shweta has had a pretty consistent season so far and is placed fifth in the Hero Order of Merit, but a victory has eluded her so far and this is a perfect platform for her to achieve it.
Vani Kapoor returned to her old ways as she carded a one over 71 in the second round and with a total score of 144, is placed fourth.
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With only three strokes separating her from the leader, she will be hopeful of making a turnaround on the final day tomorrow. Saaniya Sharma also had a good outing on the second day, and was only the third player on the day to return with an under par score. With a second round score of one under 71 and a total of 146, she finished day two at fifth place.
Smriti carded a two over 74 and has a total of 150 to be placed seventh after the second round. Pallavi Jain and Gursimar Badwal, with identical scores of 153 are tied eighth at the end of round two.
The INR 5,00,000 event is the 12th leg of the the Hero Women's Professional Golf Tour 2014, which comprises a total of fifteen legs.