Benchmark indices rallied in trade on hopes that the Goods and Services Tax would sail through in the Lok Sabha and the Rajya Sabha after a panel submitted its report on the GST Bill. Read What is GST bill here

Software stocks which had rallied sharply following a stellar Q1 numbers from Infosys, gave up gains and ended lower. Infosys and TCS were among the top losers from the Nifty.

Bharti Airtel also lost ground after the company said that it was not interested in selling its South African assets.

Sun Pharma which had seen a sharp drop of almost 14 per cent in trade on Tuesday added some gains and ended higher by 3 per cent.

Shares in Bajaj Finance rallied after the company reported better than expected results. Zee Entertainment was the top gainer from the Nifty and the stock zoomed 4 per cent in trade.

Shares in another entertainment company Sun TV Network dropped after continuing worries over its license renewal.

Meanwhile, markets across Asia ended the day with losses after weak cues from the US. European markets were trading lower ahead of the Greece parliament approving a reforms programme.

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