United Spirits gains for fifth day; UTI AMC up 10% this week: What kept dealers busy mid-week?

Flows largely driven due to the MSCI rebalancing led a last-hour recovery in the benchmark indices. The rebalancing may have resulted in inflows of $530 million, which may inflate the FII buying number in Wednesday's trading session.

Recovery was seen across many sectors like metals and FMCG. Auto stocks also ended with strong gains ahead of their monthly auto sales numbers which will be reported starting Thursday.

Broader market also moved in-line with the benchmark indices. Dealers indicate that institutional investors are using this rally in the broader market to book profits.

Maruti: Shares of India's largest passenger car maker saw a sharp spike in the last few minutes of Wednesday's trading session and ended 0.9 percent higher. The stock has been rangebound and has failed to see a 1 percent or higher move in either direction over the last eight trading sessions. Dealers indicate that selling pressure from a large FII is now over in the stock. A CNBC-TV18 poll expects a 21 percent jump in Maruti's overall sales to 1.68 lakh units.

UTI AMC: Shares of the asset management company have now gained in six out of the last seven trading sessions and are already up 10 percent this week. The focus is now on India's third largest PSU Bank - PNB, which received government clearance to divest its stake in UTI AMC in one or multiple tranches. As of September 30, PNB held 15.22 percent stake in UTI AMC. Dealing rooms are indicating that a strategic investor may look to buy that stake.

Fusion Micro Finance: The stock is consolidating post its quarterly earnings. The recent listing ended 1 percent higher on Wednesday, and is trading near its IPO price of Rs 370. Dealers indicate that a leading FII is selling the stock at current levels.