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Benchmark share indices pared early losses to trade in positive terrain led by index heavyweight Reliance Industries and IT majors Infosys and TCS.
At 10:35AM, the Sensex was up 46 points at 26,078 and the Nifty gained 26 points to 7,907.
In the broader market, the BSE Mid-cap and Small-cap indices were up 0.8-1% each.
Market breadth turned positive with 1,237 gainers and 740 losers on the BSE.
Investors will keenly watch whether the government will be successful in holding a special session of Parliament to clear the crucial bill, GST. Meanwhile, movement of rupee and crude oil are likely to dictate the trend on the bourses.
The Indian rupee was trading 11 paise lower at 66.21 to the US dollar tracking weakness in domestic equities.
Meanwhile, foreign portfolio investors remained net sellers in equities to the tune of Rs 2,080 crore on Tuesday, as per provisional stock exchange data.
GLOBAL MARKETS
Asian stocks staged a recovery after the rate cuts by China's central bank. The People's Bank of China cut interest rates and lowered the reserve ratio late Tuesday in a much-anticipated move that some economists said was long overdue. The Shanghai Composite rebounded after sharp losses in the previous sessions and was up 0.8% while Japan's Nikkei surged 3%. The Hang Seng was up 1% while Straits Times was trading flat.
SECTORS & STOCKS
Except for Capital Goods and FMCG indices all other indices were in the green.
ITC was down over 1%. The company in a release said that it has not received any communication from UP Government authorities after the stock exchange sought clarification over reports on some ITC noodles, pasta.
IT exporters gained on the back of a weak rupee. Infosys was up nearly 1% on reports that a foreign brokerage has upgraded the stock. Among other IT shares, TCS and Wipro were up 1.5-2.4% each.
Oil and Gas shares witnessed short covering after global crude oil prices continued to trade at six and half years on concerns over weak demand from China. Reliance Industries and ONGC were up nearly 2% while GAIL was up 1.2%.
Financials witnessed profit taking after a rebound in the previous session on account of shortcovering. HDFC, ICICI Bank, HDFC Bank, Axis Bank and SBI were down 0.2-0.9% each.
Auto stocks were trading mixed on worries over sales growth slowdown in August. M&M, Maruti Suzuki and Hero MotoCorp were down 0.4-2.8% each. Tata Motors and Bajaj Auto were trading 0.5-1.7% higher.
Pharma shares such as Lupin and Sun Pharma were the top gainers along with HDFC and ONGC among others.
