Indian shares extended gains in the afternoon session on Wednesday, led by buying in banks, metals and media stocks.

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The S&P BSE Sensex was trading at 37,335.90, higher by 377.74 points or 1.02 percent while the Nifty50 was at 11,031.65, higher by 105.80 points or 0.96 percent.

All sectoral indices on the NSE traded in the green except Nifty Pharma, which lost 2.20 percent. The best performing index were Nifty Metal followed by Nifty Media and Nifty Bank.

Tata Steel, Vedanta, Zee Entertainment, UPL and YES Bank were the top-gainers while Sun Pharma, Indiabulls Housing Finance, Dr Reddy's Laboratories, Wipro and Tata Motors remained the top laggards.

Shares of Sun Pharmaceutical Industries slipped over 6 percent on Wednesday despite strong earnings for the June 2019 quarter. India's largest drugmaker said its consolidated net profit rose 31 percent year-on-year (YoY) to Rs 1,387.5 crore on the back of lower research and development (R&D) expenses.

Shares of Dr Reddy's Laboratories plunged as much as 8 percent to Rs 2,352 on Wednesday amid concerns the drugmaker’s plan to launch a generic version of a female contraceptive in the US may face a delay.

Apollo Hospitals share price hit its 52-week high of Rs 1,444, up over 9 percent on Wednesday after it reported robust June quarter results. The company's net profit rose over two-fold to Rs 49.15 crore in Q1 as against Rs 23.34 crore in the corresponding quarter a year ago.

Meanwhile, Asian shares joined a global equities surge, after Washington delayed tariffs on some Chinese imports and gave much-needed relief for markets gripped by political and economic turmoil. The surge in US stocks lifted MSCI's broadest index of Asia-Pacific shares outside Japan by 0.8 percent.

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