The Sensex on Wednesday recovered 185 points from lows to close 103 points higher at 35,319, while the Nifty closed with a gain of 24 points at 10,742.

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Market breadth remained in favour of declines with the Nifty Midcap Index slipping 105 points to 10,734. The Nifty bank advanced 64 points to 26,154.

IT and energy stocks kept market higher, while pharma and cement stocks dragged. Reliance, TCS and HDFC Bank were amongst notable index gainers. Tata Motors too, edged higher after reporting 12% upmove in JLR April sales.

ICICI Bank, HDFC, UltraTech Cement and SBI ended as losers. In midcaps, Arvind saw a gain of over 4% post Q4 earnings, while EID Parry slipped 2%.

Oil marketing companies (IOC, HPCL and BPCL) remained under pressure, with crude extending gains after US announced withdrawal from Iran Nuclear deal.

In the futures market, Nifty 10,700 & 10,600 Put calls have been amongst the most active options, with both the calls seeing addition of 5 and 3 lakh shares each in the open interest. The Nifty May Futures premium stands at 22 points against 18 points on Tuesday. Stocks that were active in Futures were, Kajaria, Cholamandalam and Arvind.

On the global front, Japan's Nikkei 225 declined 100 points, to close at 22,409 as most sectors traded in negative territory, although gains were seen in the mining and banking sectors.

South Korea's benchmark index Kospi edged down by 0.24% 2,444. Despite the benchmark's overall decline, gains were still seen in petroleum refiners, with SK Innovation up 1%. Mainland markets finished the day slightly lower. The Shanghai composite closed flat 3,159 and the Shenzhen composite eased by 0.1%.