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Markets turned choppy in afternoon trades amid growth concerns amid lacklustre macro-economic conditions in the country. Foreign institutional investors' sell-off in the previous three sessions also weighed on investor sentiment.
However, positive global cues and upmove in heavyweights helped key indices stay in the green zone.
Prime Minister Manmohan Singh today pegged economic growth at 5% for 2013-14, the same as was recorded in the previous year, but asserted that economic fundamentals are strong.
The economy grew by a decade low rate of 5% in 2012-13.
"We will probably grow at the same level as last year at 5%," Singh said while addressing Pravasi Bharatiya Divas, organised by the Federation of Indian Chambers of Commerce and Industry (Ficci) here.
He blamed a "number of international and domestic factors" for the slowdown in India's economic growth.
Even for a 5% economic growth in the current financial year, the economy needs to have a higher expansion in the second half than the 4.6% witnessed in the first half.
TCS, Reliance Industries and Sun Pharma among other heavyweights are currently supporting the benchmark Sensex from slipping in the red zone.At 1:10 AM, the 30-share Sensex was up 32 points at 20,701 and the 50-share Nifty was up 9 points at 6,171.
TCS, Reliance, Sun Pharma, HDFC, Tata Motors and Cipla are the top Sensex gainer at this hour; Cipla, Tata Power, up 2%, are leading the Sensex pack.
Meanwhile, foreign institutional investors continued to remain sellers for the third straight day on Tuesday with sales of Rs 567 crore as per provisional data released by the stock exchange.
The rupee was trading firm as exporters and foreign banks sold dollars. Strong Asian cues also boosted sentiment for the Indian currency. The rupee was trading at Rs 62.18 compared with the previous close of Rs 62.31.
Asian markets rebounded on Wednesday after encouraging trade data raised hopes of growth in the US. Japan's benchmark index, the Nikkei, was the top gainer in the region up 1.5%. Among other stocks in the region, Shanghai Composite was up 0.2%, Hang Seng gained 1.2% and Straits Times was up 0.8%.
BSE Healthcare was the top gainer among the sectoral indices up 0.8% followed by Auto, Oil and Gas, Power indices.
Pharmaceutical companies which earn a significant amount of revenue from exports were up as the rupee continued to remain above Rs 62 mark against the US dollar. Sun Pharma and Cipla were up over 2.3% each.
Among other Sensex gainers, TCS was up 1%, Reliance Ind gained 1.3% and ICICI Bank was up 0.8%.
Tata Motors continued to witness short covering at lower levels after the stock corrected following dismal December sales. The stock was up 0.8%.
However, Infosys continued to witness profit taking ahead of its third quarter earnings due for release on Friday. The stock was down 0.8%.
Among other shares, Videocon Industries is trading higher by 2% at Rs 182 after the company said it has completed the sale of its entire stake in a giant gas field off Mozambique to ONGC Videsh and Oil India.
Apollo Tyres has surged 6% to Rs 113 in early noon deals on back of heavy volumes on the bourses. The stock has opened at Rs 107 and touched a record high of Rs 114 on the NSE.
The broader market outperformed the benchmark indices with both the BSE Mid-cap and Small-cap indices up 0.9% each.
Market breadth was positive with 1,407 gainers and 645 losers on the BSE.
