Indian benchmark indices traded higher on Wednesday afternoon led by gains in beaten-down metal stocks after a sharp sell-off in the previous two sessions. Buying across the board helped Nifty trade above 12,150 levels. Nifty Midcap 100 and Nifty Smallcap 100 also traded higher.

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At 12:50 pm, the Sensex was trading 307.90 points or 0.75 percent higher at 41,274.76, and the Nifty was trading at 12,151.25, up 95.45 points or 0.79 percent.

Among sectors, the Nifty Metal index rallied the most followed by Nifty FMCG, Nifty Bank, Nifty Auto and Nifty Financial Services.

Tata Motors, Adani Ports & SEZ, Bharti Infratel, ITC and JSW Steel were the Nifty50 top gainers while Eicher Motors, TCS, Titan Company, Dr Reddy’s Labs and UltraTech Cement were the top losers.

Shares of Tata Coffee rallied 8 percent on the BSE to hit a 52-week high of Rs 107 after the company reported a strong 53 percent YoY jump in its profit after tax (PAT) at Rs 24.37 crore for Q3FY20. The company’s revenue from operations remained flat during the quarter at Rs 166 crore against Rs 165 crore in the corresponding quarter of the previous fiscal.

Shares of M&M Financial Services jumped over 7 percent in the early trade after the company reported a 14 percent rise in its net profit for the December quarter of fiscal 2020. The scrip touched an intraday high of Rs 380 after gaining 7.87 percent against the previous close of Rs 352.25 on the BSE.

The stock price of Maruti Suzuki gained nearly 2 percent intraday after the largest car manufacturer reported a 4 percent year-on-year increase in third-quarter (October-December) profit at Rs 1,564.8 crore versus Rs 1,489.3 crore in the same period last year. Intraday, the share price surged 1.70 percent at Rs 7,116.25 per share on the NSE.

Globally, Asian shares fell as a spike in new Chinese virus cases sent Hong Kong stocks tumbling and added to worries about the economic impact of the outbreak. But there were some signs that global financial markets may be regaining their composure after days of heavy selling sparked by the epidemic.

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