Key indices firmed up once again, but failed to breach the day's high and pared gains in mid-afternoon trade. At 14:20 IST, the barometer index, the S&P BSE Sensex, was up 178.37 points or 0.50% at 35,530.98. The Nifty 50 index was up 57.85 points or 0.55% at 10,662.20. The undertone of the market continued to be strong amid positive global cues.
The market opened higher and hit fresh intraday high in morning trade. Indices came off day's high in mid-morning trade and they further pared gains in early afternoon trade. After firming up once again in afternoon trade, indices failed to cross the day's high and they pared gains in mid-afternoon trade.
Among secondary barometers, the BSE Mid-Cap index was up 0.47%. The BSE Small-Cap index was up 0.49%.
The market breadth, indicating the overall health of the market, was positive. On BSE, 1327 shares rose and 1121 shares fell. A total of 140 shares were unchanged.
Most auto shares rose. Ashok Leyland (up 2.21%), Escorts (up 1.60%), Eicher Motors (up 0.85%), Tata Motors (up 0.80%), Maruti Suzuki India (up 0.58%) and Bajaj Auto (up 0.01%), edged higher. Mahindra & Mahindra (down 0.13%), Hero MotoCorp (down 0.6%) and TVS Motor Company (down 1.16%), edged lower.
Capital goods shares advanced. Punj Lloyd (up 4.70%), Jindal Saw (up 3.23%), Crompton Greaves (up 2.26%), BEML (up 2.12%), Suzlon Energy (up 1.99%), Havells India (up 1.63%), Siemens (up 1.43%), Bharat Electronics (up 1.19%), ABB India (up 1.13%), Praj Industries (up 0.72%), Lakshmi Machine Works (up 0.36%), Bharat Heavy Electricals (up 0.32%) and GE T&D India (up 0.25%), edged higher.
Engineering and construction major Larsen & Toubro (L&T) was up 1.69% to Rs 1,277.
Overseas, shares in Europe and Asia were trading higher Wednesday, amid rising hopes the world's two largest economies could soon secure a trade deal to end a protracted dispute.
Investors also awaited the release later on Wednesday of minutes from the US Federal Reserve's January policy-setting meeting, where policymakers took a dovish turn, effectively signaling no further rate hikes.
US stock indices held steady above the break-even line after opening lower on Tuesday. US President Donald Trump reportedly said Tuesday that trade talks with China are going well, adding the current March deadline is not a "magical date." Both countries have until then to come up with a deal. Otherwise, additional US tariffs on Chinese products could take effect. Trump indicated last week, however, he would be willing to push back the deadline.
Representatives from the US and China are meeting in Washington this week to resume trade negotiations, with high level discussions set to happen later in the week, the White House said Monday. US is reportedly seeking to secure a pledge from China that it will not devalue its yuan currency as part of a trade deal.
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