Indian shares recovered from Tuesday's lows and settled largely flat after a strong recovery from the lows. The benchmark BSE Sensex rebounded more than 200 points from the day's lows to settle at 35,592, down by just 64 points. The Nifty was mildly lower by 9 points to end at 10,652.

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Broader market indices outperformed with the Nifty MidCap Index was up by 0.31 percent and the BSE MidCap at 0.39 percent higher.

Nifty Pharma was leading the 20 advancing sectors, while Nifty Energy slipped 1.3 percent, being the weakest among 23 declining sectors.

Among shares, Adani Ports, Bharti Infratel, Bajaj Finserv, Cipla, Sun Pharma, Axis Bank, ICICI Bank and Tata Consultancy Services, climbed between 1.6 percent and 7 percent.

Among top losers, Eicher Motors, GAIL, Yes Bank, L&T, HPCL, Yes Bank, Reliance, ONGC and Kotak Mahindra declined between 1 percent and 5.5 percent.