Bank of Baroda was down 2% to Rs 934 on the Bombay Stock Exchange (BSE) at 1035 hrs as the bank reported a 5.5% dip in Q2 net profit at Rs 1,104 compared to Rs 1,168 crore in the year-ago period.

Gross NPAs rose to 3.32% compared to 3.11% in the previous quarter.

DLF is trading 4% higher at Rs 132 on BSE, in otherwise subdued market, after the Securities Appellant Tribunal (SAT), in an interim relief, allowed real estate giant to redeem its mutual fund investments of Rs 1,806 crore to service its debt.

After hearing an appeal for interim relief by DLF, the Tribunal allowed the company to redeem mutual funds worth Rs 767 crore in the current month and further funds worth Rs 1,039 crore in December, the PTI report suggests.

Stock feeds on the National Stock Exchange (NSE) suffered around 15-minute hit on Wednesday when trading resumed after a day’s holiday on 4 November on account of Moharrum. The feeds opened blank when the markets opened for trade at 9:15am.

Meanwhile, the S&P BSE Sensex gained 0.3% to 27,936 levels in early deals on Wednesday.

Railway-related stocks are witnessing buying interest and trading higher by up to 10% on back of heavy volumes in an otherwise subdued market.

Texmaco Rail & Engineering, Titagarh Wagons, Kalindee Rail Nirman (Engineers), Kernex Microsystems (India) and Stone India are up between 4-10% on the Bombay Stock Exchange (BSE). In comparison, the benchmark Sensex was down 0.11% at 27,835.

With trading up on Nifty futures in the Singapore Exchange (SGX Nifty), translating to a significant loss in the market share for the National Stock Exchange (NSE), a standing council of experts was constituted by the government in 2013 to suggest measures for enhancing the competitiveness of Indian stock markets. While the council is expected to come out with its suggestions shortly, improving of competitiveness and regaining lost market share will involve policy initiatives on a range of systemic issues.

Gains in bank shares have lifted the Bank Nifty near its 52-week high on expectations of more reforms to push the economy on the growth track after Narendra Modi-led BJP emerged as the largest party in Maharashtra, the country's largest industrial State and is poised to form a government in Haryana after acquiring a majority.

State-owned banks which led the Bank Nifty include PNB, SBI, Bank of India, Bank of Baroda and Canara Bank up 1.8-3.5% each.

Indian markets are closed on Wednesday due to assembly elections in the western Maharashtra state.

The benchmark BSE index fell 0.13 percent, or 34.74 points, to end at 26,349.33 on Tuesday. The broader NSE index lost 0.26 percent, or 20.25 points, to end at 7,864.

Reliance Industries is trading higher by nearly 2% at Rs 973 on BSE in early morning deals after it reported a better-than-expected consolidated net profit at Rs 5,972 crore for the quarter ended September 2014 (Q2) on back of improved gross refining margins (GRMs) and lower input costs. The company had registered a profit of Rs 5,873 crore during the same quarter last fiscal.

However, consolidated net sales declined 4.3% to Rs 113,396 crore from Rs 118,439 crore for the corresponding quarter of previous fiscal.

Bajaj Auto has gained around 3% after Bank of America-Merrill Lynch upgraded its stocks from "underperform" to "buy", citing higher volume and average selling prices, and increased contribution from dirt-bike making affiliate KTM.

Bajaj Auto, which is going to announce its Q2 earnings later Tuesday, is expected to see its net profit grow by 3% on an annual basis, according to market analysts.

Infosys is trading higher by nearly 2% at Rs 3,952, extending its Friday’s nearly 7% rally, after the company reported a better-than-expected consolidated net profit at Rs 3,096 crore for the second quarter ended September 30, 2014 (Q2) besides declaring 1:1 bonus.

The stock opened at Rs 3,898 and hit new high of Rs 3,959 on National Stock Exchange (NSE). A combined 1.92 million shares changed hands on the counter so far on NSE and BSE.

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