Reuters Market Eye - The Sensex was trading up around 0.2 percent and the Nifty was up 0.08 percent, after earlier rebounding from three-month lows hit on Tuesday.
Bharti Airtel Ltd shares gain 2.6 percent on expectations the government will be forced to cut the reserve prices for the remaining auctions of airwaves, thus improving the earnings outlook for the sector.
Gains also track positive Asian shares after the U.S. Federal Reserve's affirmation of its commitment to monetary stimulus.
Recent blue chip underperformers recover on value buying, with ICICI Bank Ltd up 1.1 percent and Reliance Industries Ltd rising 1.3 percent.
(Reporting by Abhishek Vishnoi)
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