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Benchmark indices came off the day's high on account of profit taking in index heavyweight RIL while power and metal shares also witnessed selling pressure.
At 11:45 AM, the 30-share Sensex was up 88 points at 26,531 and the 50-share Nifty was up 21 points at 7,926.
The broader markets continued to perform well in line with the benchmark indices- BSE Midcap and Smallcap indices have gained between 0.5-1%.
Foreign portfolio investors (FPIs) bought shares worth a net Rs 364.72 crore on Tuesday, 26 August 2014, as per provisional data from the stock exchanges.
GLOBAL MARKETS
The euro came close to cracking on Wednesday as feverish speculation of further policy stimulus in the euro zone drove bond yields to all-time lows and lifted Asian stocks to peaks not seen in almost seven years.
The groundbreaking call by European Central Bank President Mario Draghi for more action on both the monetary and fiscal fronts has markets wagering that fresh steps could come as soon as next week when the central bank's governing council meets.
RUPEE
The rupee slipped to 60.4550/46 from previous close of 60.4335/4450. Dollar index, a basket of currencies traded against the greenback, hit 13-month high.
SECTORS & STOCKS
BSE Consumer Durables index is leading the rally followed by IT, Auto, FMCG, Teck and Realty sectors up between 0.5-1%. However, BSE Power and Metal indices are losing sheen on the BSE down between 0.2-0.6%.
In the auto sector, Bajaj Auto has surged nearly 2%, Tata Motors is up 1.8%, Hero Motocorp has added 0.2% and M&M has gained 0.3%.
Tata Motors has moved higher by nearly 2% at Rs 523, also its new high on BSE, after the auto maker said it would challenge the Competition Commission of India (CCI) order that imposed huge penalty on auto companies.
Oil and Gas major ONGC has surged nearly 2% on talk that the subsidy burden would be shared between the government and upstream oil companies.
The main gainers on the Sensex are ICICI Bank, Bajaj Auto, ONGC, Tata Motors and Dr Reddy’s Labs.
IT stocks have gained on positive economic data in US, the biggest outsourcing market for the Indian IT firms.
Among other shares, IIFL Holdings was locked in 5% upper circuit at Rs 135 after the company said it has received registration from capital market regulator Sebi to offer investment advisory services.
UCO Bank has tanked 8% to Rs 90.10 on National Stock Exchange (NSE) after PTI reports that the government has ordered limited forensic audit into some non-performing accounts of state-owned bank to find out any irregularities in sanction of loans.
