L&T Finance Holdings Ltd | Shares of L&T Finance Holdings Ltd rose as much as three percent on Wednesday after the non-banking finance lender reported bumper earnings for the quarter ended June on the back of robust retail disbursement. However, the stock gave up early gains and oscillated between losses and gains. Its stock closed 1.9 percent lower on the BSE.

IT stocks | The Nifty IT index gained the most among sectoral indices, up 2.9 percent. The shares of Wipro, Infosys, TCS, Larsen & Toubro Infotech Limited, HCL Tech, MindTree, Tech Mahindra, Coforge, Mphasis and L&T Technology Services Limited, closed 1.5 to 6.6 percent higher.

Oil & Gas stocks | Shares of oil and gas companies rallied up to 7 percent in early trade on Wednesday after the government cut a windfall tax on oil producers and refiners. The shares of ONGC, Oil India, Vedanta, Reliance, ended 2-6 percent up on the BSE.

HDFC Life | Nifty50's top loser, the shares of HDFC Life closed nearly 2 percent down.

Ambuja Cements Ltd | Even as Ambuja Cements reported a strong beat in earnings on most parameters, the cement maker’s scrip dropped about a percent on Wednesday after brokerage firms Citi and Credit Suisse downgraded their rating on the stock and cut their target price. The company's stock closed 0.9 percent lower on the BSE.

ICICI Lombard General Insurance Company Ltd | The company confirmed to CNBC-TV18 that general insurance companies are also in discussion with IRDAI on fixing growth targets. Its stock closed nearly 4.1 percent down on the BSE.