Sensex is up 37 points at 39,007, while Nifty is up 2 points at 11,711. Sun Pharma, BPCL, Bharti Airtel, and ICICI Bank are the biggest gainers, while IndusInd Bank, Tech Mahindra, Yes Bank, Indiabulls Housing and Wipro are the biggest losers. On the sectoral front, bank, financial service, pharma, and realty are in the green, with pharma being the biggest gainer, up 0.5 percent. Nifty Media is the biggest loser, down, 1.5 percent, followed by Nifty FMCG and Nifty IT.

Securities and Exchange Board of India (Sebi) is looking into tweaking share buyback norms by factoring in the consolidated group debt of a company instead of standalone financial metrics, The Economic Times reported. The move will affect large corporations who will now have to factor their consolidated debts while looking to buy back their shares. The new recommendation was made after the matter was discussed in the Sebi-appointed Primary Market Advisory Committee (PMAC), the report said. READ MORE

Pharma giant Cipla will be reporting its fourth quarter earnings today. The street is expecting a revenue growth of around 9 percent but the range is wide and goes up to 12 percent. Street is expecting margin improvement at 17.5 percent compared to 15 percent for the same quarter last fiscal and profit of over Rs 300 crore. With regards to Cipla's India business, it could be a single-digit growth of around 8 percent YoY because it is a seasonally weak quarter for the industry. The management commentary will be important in terms of their product pipeline and guidance for FY20. READ MORE

Shares of Jet Airways advanced for the second straight day on Wednesday and rose over 8 percent after Hinduja Group reportedly showed interest in buying a stake in the debt-ridden airline. The group is expected to meet Etihad Airways for further discussions this week, reported CNBC TV18, citing sources. Intraday, Jet Airways shares jumped as much as 8.61 percent to Rs 163.85 per share on the NSE. On Tuesday, Jet Airways' stock had gained 12 percent after the stake talks between Hinduja Group and Etihad Airways. READ MORE

Tech Mahindra reported a 7.36 percent year-on-year (YoY) drop in consolidated net profit at Rs 1,132.5 crore for the fourth quarter ended March 2019. Most analysts at brokerages are bullish on the stock except Phillip Capital. The research house gave 'sell' rating to the stock with target price at Rs 650 per share. READ MORE

India's economy is projected to grow at 7.1 percent in fiscal year 2020 on the back of strong domestic consumption and investment but the GDP growth is a downward revision from the 7.4 percent estimated in January this year, according to a report by the United Nations. The World Economic Situation and Prospects (WESP) 2019 Mid-year Update, released on Tuesday, said that the Indian economy, which generates two-thirds of the regional output in South Asia, expanded by 7.2 percent in 2018. READ MORE

Shares of real-estate developer DLF surged nearly 6 percent on robust Q4 earnings and lower debt. The company reported a 76 percent growth in its consolidated net profit at Rs 436.56 crore for the quarter ended March on higher sales, compared to a net profit of Rs 247.73 crore a year ago. The real estate firm’s total income also rose 44 percent to Rs 2,661 crore versus Rs 1,845.92 crore YoY. READ MORE

Shares of Dewan Housing Finance Corporation (DHFL) plunged nearly 18 percent on Wednesday after the company said it has stopped taking fresh deposits and placed renewals on-hold. DHFl shares dived as much as 17.8 percent to Rs 106.85 per share intraday on the NSE. DHFL on Tuesday said it has also stopped premature withdrawal of deposits to help themselves in liability management. READ MORE

Sudarshan Sukhani

- Buy Reliance Industries with a stop loss of Rs 1,320, target at Rs 1,360

- Buy Colgate Palmolive with a stop loss of Rs 1,151, target at Rs 1,171

Mitessh Thakkar

- Buy Bajaj Electricals with a stop loss of Rs 550, target at Rs 580

- Buy Bharat Electronics with a stop loss of Rs 94, target at Rs 102

Prakash Gaba

-  Buy Prestige Estates with a stop loss of Rs 257, target at Rs 274

- Buy Petronet LNG with a stop loss of Rs 236, target at Rs 248

Click here for more

The Indian benchmark indices open flat as investors await the outcome of the Lok Sabha election. Sentiment remains strong as exit polls indicate Prime Minister Narendra Modi-led National Democratic Alliance (NDA) coming back to power with a majority. Meanwhile, the Asian peers were mixed on relief over Washington’s temporary relaxation of curbs against China’s Huawei Technologies. At 9:25 AM, the Sensex was up 55 points at 39,025, and the Nifty50 was trading 24 points higher at 11,733. BPCL, IOC, Bharti Infratel, Britannia, and Bharti Airtel, were among the major gainers on the Nifty50, whereas Indiabulls Housing, Tech Mahindra, IndusInd Bank, YES Bank, HUL led losses. Nifty Realty gained the most among sectoral indices, up nearly 1.5 percent followed by the banking indices. Meanwhile, Nifty FMCG and Nifty Metal declined 0.7 percent and 0.3 percent, respectively.