The Indian market started Wednesday's trade on a positive note, helped largely by financials like ICICI Bank and Axis Bank. The benchmark indexes, however, edged lower, correcting morning gains as HDFC Bank and HDFC along with Tata Consultancy Services capped gains.

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Market will closely track more corporate earnings later in the day.

At 9.58 am, the Sensex was up 102 points, or 0.29 percent, trading at 35,695. The Nifty was higher by 24 points, or 0.23 percent, at 10,676.

The BSE index started trade more than 183 points higher, or 0.51 percent, at 35,775.70, while the NSE index surged by 46.50 points, or 0.44 percent, to 10,699 in the initial trade.

Broader markets underperformed, with the Nifty MidCap slipping 0.14 percent. The BSE MidCap was flat after a similar start.

BSE Metal was up 1.5 percent, leading the 32 advancing sectors, which also included BSE Bankex and Nifty PSU Banks. Realty, FMCG and power were among 11 declining sectors.

Among top gainers, both Axis Bank and HCL Technologies shares surged more than 4 percent after robust third quarter earnings.

Axis Bank

reported a 131 percent year-on-year (YoY) jump in the net profit at Rs 1,680.8 crore for the third quarter ended December 2018 on higher loan growth. HCL Technologies reported a 19 percent increase in consolidated net profit to Rs 2,611 crore for the third quarter ended December 2018.

Bajaj Finance gained 3.4 percent in trade while Yes Bank and ICICI Bank climbed 2.5 percent.

Among laggards, Adani Ports, BPCL, Hero MotoCorp, HDFC Bank and HDFC slipped between 0.80 percent and 1.4 percent.

HDFC shares slipped 1.25 percent after the company posted a 60 percent year-on-year (YoY) drop in net profit at Rs 2,113.8 crore for the third quarter ended December 2018.

The Indian rupee opened lower against the greenback on Wednesday, with focus shifting to the Fed policy meet and US China trade talks. The rupee started at 71.38 against the greenback after Tuesday's close of 71.11.

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