Benchmark equity indices turned positive after a flat start on Wednesday led by a surge in banking stocks, especially IndusInd Bank and ICICI Bank.

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At 12:32 pm, the 30-share BSE Sensex was up 280 points or 0.75 percent to trade at 37,809.76, while Nifty50 was trading 80.320 points or 0.71 percent higher at 11,205.90.

During the afternoon session, Nifty Bank was the best-performing index (up 2.09 percent), while Nifty IT (down 0.93 percent) was the worst-performer.

IndusInd Bank, UltraTech Cement, M&M, ICICI Bank and the State Bank of India were the top-Nifty gainers while YES Bank, Titan, HCL Technologies, Hero MotoCorp and ITC remained the top laggards.

Titan Company Limited's shares plunged 6 percent intraday on Wednesday after the company released quarterly updates on BSE, revealing a decline in sales in its key segments due to weak consumer sentiment. Meanwhile, HSBC Research slashed its target price on the stock to Rs 1,410 from Rs 1,450 per share while maintaining 'buy' call.

Shares of Zee Entertainment Enterprises fell over 4 percent to Rs 240.70 due to profit booking, concerns over the company's management losing control, and worries over promoter Essel Group's ability to repay dues to lenders with whom shares of the company are pledged.

Aurobindo Pharma's shares rose as much as 5 percent as brokerages remain positive on the prospects of the company. Shares of the company fell over 17 percent on Monday after the United States Food and Drug Administration raised concerns about one of its facilities.

Meanwhile, Asian stocks fell the most in a week on Wednesday as the United States and China's broadening dispute over trade and foreign policy showed little sign of coming to an end, weighing on global economic growth.