Benchmark indices opened the day higher, as Asian cues remained strong, following good cues from the US.
The Sensex was trading with gains of 80 points, while the Nifty was up 24 points in trade. Leading the set of losers was Idea Cellular, which fell 4 per cent in trade.
On Tuesday there was strong buying in the counter on reports of a likely merger with Vodafone, which would great a telecom giant.
Shares in Welspun India, which have fallen a staggering 36 per cent in two trading sessions, was locked at the lower end of the circuit filter once again. It was down 10 per cent, with only sellers and has now lost 46 per cent in three days.
PSU Banking stocks, which have seen a continuous ongoing rally dropped in trade with Bank of Baroda and Bank of India seeing some gains.
Lupin Labs fell for the second day in a row, despite reporting a good set of quarterly numbers. It is now among the stocks that has lost a good deal in the last few trading sessions.
Maruti and Infosys were among the top Nifty gainers in early trade. Meanwhile, the rupee opened trade at 67.19 against the US dollar.