The Nifty was holding firm above 5950 led by technology and financials. The Nifty was up 37.40 points at 5959.90 while the Sensex was up 129.92 points at 19690.96.
Tata motors was buzzing as JLR posted a growth of more than 30% retail sales in January, supported by good volumes from Freelander and Evoque. The stock was up 2.6%.
Other top gainers on the Sensex include TCS, Bharti Airtel, HDFC and Infosys; these rose over 1% each.
Motherson Sumi was up 5% after the company's board approved a qualified institutional placement (QIP) of over 4 crore shares. The board has also okayed a preferential issue of up to 1.47 crore shares to the promoter.
Fortis, too, is reacting positively to a strong set of numbers, as its Q3 global revenues stood at Rs 540 crore, much higher than estimates. The stock gained 5%.
Meanwhile, on the losing side were Bajaj Auto, Dr Reddy’s Labs, Sterlite Industries and Hindalco.
Kingfisher Airlines (down 4%) was also under pressure today after the lenders consortium finally decided to recall the Rs 7000 crore loan given to the company. Bankers say they will explore all avenues to recover their loans, including invoking Vijay Mallya's personal guarantees.
On the macro-economy front, India's exports rose an annual 0.8 percent in January and imports for the month rose 6 percent, leaving a trade deficit of USD 20 billion, a senior trade ministry official said on Wednesday.
Exports between April and January fell 4.9 percent to USD 239.7 billion
Globally, it was mixed session across Asia. While the Nikkei was down 1 %, Kospi and Straits were up nearly a percent each. But key markets like China, Hong Kong and Taiwan are shut today. In other asset classes, the euro is firm above 1.34, the dollar index is at 80. Brent crude is holding above USD 118.
Key indices were firm in early trade Wednesday even as the near term outlook on the market remains hazy in the absence of any key triggers. Brokers said there was buying interest at lower levels, but traders and money managers were wary of chasing prices.
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See Nifty at 10460 by May '15; Brent at $ 95/bbl: Atul Suri