The benchmark indices, the BSE Sensex and NSE Nifty, which started Wednesday's session in the red, have bounced up into positive territory.
At 12:05 pm, Sensex was at 52,848, up 78 points or 0.15 per cent. Nifty was at 15,838, up 26 points or 0.17 per cent.
The top gainers on the Sensex were Tech Mahindra, L&T, HCL Tech, Infosys and ITC. The laggards were Maruti, Hindustan Unilever, Nestle India, IndusInd Bank and HDFC.
According to an agency report, in the previous session, Sensex ended 397.04 points or 0.76 per cent higher at 52,769.73, and the broader NSE Nifty surged 119.75 points or 0.76 per cent to settle at 15,812.35.
Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 113.83 crore on Tuesday, as per provisional exchange data.
The report quoting Binod Modi Head-Strategy at Reliance Securities said, benchmark Nifty appears to be consolidating in the range of 15,600-15,900.
"However, we continue to believe that any meaningful correction in the market should be taken as an opportunity to get in quality stocks.
"Visible improvement in key economic data including IIP, import-export business momentum and visible traction in overall economic activities in June indicates healthy corporate earnings for 1QFY22E despite the second wave of Covid-19," he said.
US markets finished lower as a higher-than-expected jump in CPI print for June weighed on investors’ sentiments, he added.
Elsewhere in Asia, bourses in Shanghai, Seoul, Hong Kong and Tokyo were trading with losses in mid-session deals.
Meanwhile, international oil benchmark Brent crude declined 0.31 per cent to $76.25 per barrel. (with inputs from PTI)