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Reversing two days of losses, the benchmark BSE Sensex on Wednesday edged up 33 points, or 0.12 per cent, to close at 27,564.66, on gains in banking stocks amid prevailing rate cut hopes even as the automobile and technology shares plunged on poor earning numbers.
The gauge had lost 426.09 points in the previous two sessions on lower-than-expected earnings from blue-chip firms.
The National Stock Exchange's Nifty, however, closed down 4.75 points, or 0.06 per cent, at 8,334.60.
On Sensex, among banking stocks, Axis Bank rose 2.26 per cent, HDFC Bank 1.32 per cent and ICICI Bank 1.1 per cent. State-run State Bank of India gained 1.23 per cent.
Foreign portfolio investors bought shares worth Rs 114.81 crore on Tuesday and domestic institutional investors bought worth Rs 123.85 crore, as per provisional data.
"With just a day before near month derivative contracts expire, rollovers of futures are seen to be quite low, suggesting that traders are less likely to continue with the same bets in the June contracts too," said Anand James, Co Head Technical Research Desk of Geojit BNP Paribas.
In the overseas market, Asian stocks ended mixed as key indices in China, Japan and Taiwan firmed up by 0.25 per cent to 0.63 per cent, while Hong Kong, Singapore and South Korea fell by 0.60 to 1.68 per cent.
