Markets recover from day's low; Reliance Industries, HDFC Bank gain

(Market update as of 11.30 am)

Benchmark equity indexes, the BSE Sensex and the NSE Nifty 50, started on a positive note on Wednesday, tracking positive global cues amid ongoing earnings season.

Overall investor sentiment, however, remained cautious as the White House prepares to expand its tariff list against Chinese imports. Beijing has pledged to retaliate with its own sanctions.

The BSE Sensex jumped 90 points, or 0.24 percent, to 37,755.50, while the NSE Nifty 50 started 26 points higher, or 0.23 percent, to 11,415.50 in the opening trades. At 9.41 am, the Sensex was trading lower, down by 5.43 points, or 0.01 percent, to 37,660.37, while the Nifty also slipped in the red, at 11,383.50, trading lower by 5.95 points, or 0.05 percent.

Among the Nifty gainers, Hindalco, Zee Entertainment, Bajaj Finserv, Bajaj Finance, Coal India rose nearly 2 percent, while Coal India, ONGC, HDFC Bank, Tata Steel, Reliance gained about 1 percent each on the BSE.

Shares of BPCL, HPCL, HCL Tech, Wipro, ICICI Bank declined by up to 1.70 percent on the NSE. ICICI Bank, Infosys, Wipro, Axis Bank, Maruti Suzuki were down on the BSE by up to 1 percent.

Midcaps are down with the Nifty MidCap lower by 0.10 percent and the BSE MidCap by 0.19 percent. BSE LargeCap and SmallCap are flat. Sectoral indices on the BSE were trading mostly near flatline. Consumer Durables and Telecom surged in early trade.

On the NSE, sectoral indices are mostly in the red except Media which is up by 1.40 percent and Metal at 0.39 percent. FMCG is marginally higher. Nifty Pharma is the biggest loser by 0.49 percent.

Earlier, the Indian rupee opened at 68.66 against the US dollar, marginally stronger from Tuesday's close of 68.68.

Also, catch all the action and updates in our Market Live blog.