Indian shares edged up on Wednesday afternoon, recovering from initial volatility on gains in media, energy, financials and telecom stocks, while IT and pharma shares weighed on indexes.
The BSE Sensex was trading at 35,231, higher by 87 points or 0.25 percent, while the NSE Nifty50 traded above the 10,600 mark, at 10,615, up by 33 points or 0.31 percent at 11.50 am.
In the morning trade, benchmark indexes started on a strong note, jumping more than half a percent, boosted by lower crude oil prices despite largely weak Asian cues.
Broader market indexes outperformed with the Nifty MidCap surging 0.34 percent. The BSE MidCap surged 0.63 percent, but SmallCap and LargeCap were marginally higher.
The Nifty Media led the 33 advancing sectors, which also included BSE Oil & Gas, BSE Telecom and Nifty Commodity among major gainers, rising by up to 2.68 percent. The Nifty IT shed more than 3 percent and was leading among the 10 declining sectors. The Nifty Pharma dropped by 1.57 percent.
Among top index gainers, HPCL, BPCL, IOC, Zee Entertainment, Hindustan Unilever, Bharti Airtel, SBI and Tata Steel rose by up to 8.38 percent.
Sun Pharma fell more than 5 percent after posting weak July-September quarter numbers, while Gail, Tech Mahindra, HCL Technologies, Infosys, TCS, Wipro and Axis Bank were among other major losers.
The Indian rupee traded at 72.10 against the US dollar at 12.02 pm, after opening at nearly two-month high of 72.16 against the greenback. The domestic currency had closed at 72.66 against the US dollar on Wednesday.
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