The Sensex was trading with gains of 42 points, while the Nifty was up 15 points. Among the early gainers in trade was Ranbaxy, which rose on reports that it was entering into a one time settlement with the US over allegations of unlawful agreements.
Other Nifty stocks that gained in trade were Bhel, Bharti Airtel, Coal India and Cipla. Software stocks were also in the limelight with Infosys and TCS among the early gainers.
Hero Motor Corp was trading marginally lower after the company reduced its product prices, following an excise duty cut in the Interim budget.
Tech Mahindra was trading higher, following reports that the company was among the frontrunners to pick a stake in Financial Technologies.
Mid cap stocks were trading with gains with stocks like Sun TV and Steel Authority of India among the gainers.
Nifty stocks that lost ground in trade were HDFC Bank, HDFC, NTPC and Tata Motors. Bharti Airtel which had fallen on Tuesday following its takeover of Loop Mobile was trading with gains.
Meanwhile, most of the markets in Asia were trading in the positive, except the Hong Kong's Hang Sang and the Shanghai Composite, which were down in trade.