The Sensex and the Nifty were trading higher on strong global cues. The Sensex was trading with gains of 65 points, while the Nifty gained 14 points in trade.
Shares in GAIL, NTPC and Coal India were among the losers. Shares in BPCL gained ground after HSBC raised target price on the stock.
Shares in IPCA were trading lower after the US FDA issued an import alert against the company's facility.
Shares in Bharti Airtel which had rallied sharply on Tuesday gave up gains and was trading lower. NMDC was seeing some buying interest after the firm had appointed a consultant to study the possibility of merger with KIOCL.
Pharma stocks continued to see buying interest with Sun and Cipla among the gainers in trade. Shares in Deccan Gold Mines surged 15 per cent after reports that FIIs can invest up to 24 per cent in the company.
Shares in Idea were trading lower after the company announced 3G services in Delhi. Meanwhile, markets in Asia were trading flat with a slight negative bias, following weak overseas closings in the US.