Indian benchmark indices BSE Sensex and NSE Nifty50 traded with marginal gains, recovering from a weak start on Wednesday amid largely tepid global cues. Investors also turned cautious after the US Federal Reserve officials tempered expectations in the markets for aggressive monetary easing.

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At 9.38 am, the Sensex was up by more than 96 points to trade at 39,532, while the Nifty traded at 11,821.75, up by over 25 points.

Earlier, the 30-share benchmark BSE index was down 68.03 points, or 0.17 percent, at 39,367 in initial trade. The broader NSE index too slipped by 36.10 points, or 0.31 percent, at 11,760.40.

NTPC, Power Grid, Sun Pharma, ONGC and M&M were among top gainers, rising by up to 1.77 percent.

BPCL, Indiabulls Housing Finance, Indian Oil Corp, JSW Steel and HDFC slipped by up to 1.17 percent.

Broader market indices were also up with the Nifty MidCap rising half a percent at 9.38 am. Bank Nifty also surged half a percent.

Among sectors, selling seen in the FMCG, IT, metal and PSU bank, while buying seen in the auto, energy, infra and pharma. Dewan Housing Finance Ltd dipped over 5 percent after missing payments deadline.

The state-run National Thermal Power Corp surged well over two percent on reports of the company winning 40 MW solar energy projects in an auction conducted by Uttar Pradesh New and Renewable Energy Development Energy.

Shares of Dewan Housing Finance Corp fell over 5 percent in initial trade after the mortgage lender missed full repayment of commercial papers that were due on Tuesday. The housing finance company said it had only been able to make a 40 percent payment on unsecured commercial papers due on Tuesday, but vowed to pay the remaining Rs 225 crore ($32.49 million) in the coming days.

The Indian rupee opened lower at 69.40 against the US dollar on Wednesday. The home currency had settled at 69.34 against the greenback.

Meanwhile, foreign institutional investors (FIIs) bought shares worth Rs 1,158 crore on a net basis in the cash market, while domestic institutional investors (DIIs) bought shares worth Rs 377 crore.

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