Key barometers pared gains in mid-morning trade. At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 63.22 points or 0.16% at 38,426.69. The Nifty 50 index was up 2 points or 0.02% at 11,534.40.
Trading kicked off on a negative note. Shares, however, gained vigor in morning trade amid broad based buying support. Indices pared gains in mid-morning trade as profit booking emerged at higher levels.
Among secondary barometers, the BSE Mid-Cap index was up 0.01%. The BSE Small-Cap index was up 0.08%.
The market breadth, indicating the overall health of the market, turned negative from positive. On BSE, 1052 shares rose and 1132 shares fell. A total of 162 shares were unchanged.
IT shares rose across the board. Infosys (up 2.49%), Wipro (up 1.90%), MindTree (up 1.80%), Oracle Financial Services Software (up 1.65%), HCL Technologies (up 1.39%), MphasiS (up 0.87%), Tech Mahindra (up 0.70%), Hexaware Technologies (up 0.59%), Persistent Systems (up 0.28%) and TCS (up 0.20%), edged higher.
Pharmaceuticals shares were mixed. IPCA Laboratories (up 1.86%), Dr Reddy's Laboratories (up 1.73%), Cadila Healthcare (up 0.89%), Glenmark Pharmaceuticals (up 0.81%), Piramal Enterprises (up 0.48%), Aurobindo Pharma (up 0.35%), Divi's Laboratories (up 0.15%) and Sun Pharmaceutical Industries (up 0.01%), edged higher. Cipla (down 0.04%), GlaxoSmithKline Pharmaceuticals (down 0.45%), Alkem Laboratories (down 0.61%), Lupin (down 0.65%), Strides Shasun (down 0.68%) and Wockhardt (down 0.87%), edged lower.
Overseas, Asian shares were mixed as investors adopted a cautious stance prior to the Federal Reserve's policy decision and further news on US-China trade talks.
US stock benchmarks on Tuesday closed mostly lower in a volatile session, as investors digested news on trade and awaited a policy decision by the rate-setting Federal Open Market Committee due Wednesday. Investors will focus on the statement issued by policy makers.
Chinese officials have reportedly shifted their stance on trade because after agreeing to changes to their intellectual-property policies, they have not received assurances from the Trump administration that tariffs imposed on their exports would be lifted, curbing hopes of a deal.
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin reportedly plan to travel to China next week for another round of trade talks with Chinese Vice Premier Liu He.
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