Among the gainers were stocks from the Anil Dhirubhai Ambani Group following a pact between a RIL subsidiary and RCOM to lease optical fibre cable network of RCOM. Shares in Reliance Communications was up 6 per cent following the deal. Reliance Industries on the other hand was trading flat at Rs 794.
Shares in Infosys Technologies was marginally down following Tuesday's rally, despite the company having signed a five-year agreement with RWE Supply & Trading (RWEST), a leading European energy trading house.
Ashok Leyland fell marginally after the commercial vehicle major reported a marginal dip in sales in March at 14,020 units.
Nifty stocks that lost ground in trade today were Bajaj Auto, Bharti Airtel, Mahindra and Mahindra, TCS and Wipro. Nifty stocks that gained were Cipla, Hindalco and Tata Power.
PSU Banking stocks which had rallied sharply on Tuesday lost momentum with selling in stocks like Bank of India, Canara Bank and Bank of Baroda. However, Oriental Bank, Indian Overseas Bank and IDBI Bank continued to show gains.
Realty stocks continues to notch gains for a second successive day in a row. Among the realty gainers in trade included HDIL, Sobha, Unitech and Anant Raj Industries.
The NSE Mid cap also saw some smart movers with prominent among these including Adani Power, Opto Circuits and NHPC. In fact, Adani Power jumped as much as 9 per cent in early trade. Meanwhile, markets in Asia rebounded led by strong gains in the Japanese Nikkei. The Hang Sang and the Kospi were trading lower.