Mumbai: Benchmark index gains 0.1%, recovering after falling on Tuesday to its lowest since 18 January.
The 50-share NSE index is flat. ITC gains 4.8% after slumping 8.9% over seven consecutive sessions, as analysts say the changes to the pricing methodology for an excise duty announced in March is seen as a positive for cigarette manufacturers.
Tata Consultancy Services gains 2.5% and Wipro rises 0.9% on bargain-hunting after fall in the previous session.
Other blue chips also recovering. Larsen & Toubro gains 1.5% and Bharat Heavy Electricals advances 2.1% after trading close to its October 2008 lows on Monday.
Bombay Stock Exchange (BSE) 30-share index Sensex fell 0.15% at opening, while the National Stock Exchange (NSE) 50-share index Nifty lost 0.2%.
Data on Sebi and NSE shows foreign investors were net sellers of Rs 992 crore ($186.38 million) in Indian equities on Monday and Tuesday, despite the delay of GAAR provisions by a year, in a week marked by steep global risk aversion.