Benchmark indices opened the day higher led by recovery in HDFC and strong gains in select IT stocks. The Sensex was trading with gains of 50 points, while the Nifty was up 14 points in trade.

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Shares in PNB which rallied a huge 4 per cent on Tuesday following its results dropped 1.39 per cent. Yes Bank was trading higher by one per cent ahead of its results to be declared later today.

Among the losers were heavyweight ITC, Dr Reddys and ONGC from the Sensex stocks. Metal stocks were having a good day on some recovery being seen in the Chinese markets. NMDC, Tata Steel and Vedanta were among the gainers.

Tata Motors which on Tuesday saw its shares slide to a 52-week low recovered and was trading higher by one per cent.

Midcap stocks were also seeing good traction with Sun TV Network and Concor among the major gainers.

Meanwhile, most of the Asian markets were trading higher. The Shanghai Composite which lost as much as 8 per cent earlier this week was relatively steady. The Hong Kong's Hang Sang and the Jakarta Composite were trading with gains.

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