Indian stock markets record gains, banking and auto stocks recover

The BSE Sensex closed 69.11 points higher at 28,292.81, while the CNX Nifty of the NSE closed up 38.75 points at 8,745.15.

The upward movement in the market was triggered by Thursday's derivatives contract expiry for September.

Asian stocks were lower on Wednesday, with European banking sector concerns and lower crude oil prices dulling investors' appetite for riskier assets.

MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2%, wiping out initial modest gains. South Korea's Kospi fell 0.5% and Shanghai lost 0.3%. Australian stocks slipped 0.1%.

The Nifty Bank Index and the Nifty Auto Index gained as much as 0.93 percent and 1.50 percent, respectively, recovering from three sessions of declines.

Japan's Nikkei under performed and was last down 1.4%. Japanese stocks were dogged by threats of a robust yen, which hurts exporters' earnings.

The Cabinet on Wednesday gave its approval to a consortium of IOC, Oil India and BPCL buying stakes in two Russian oilfields for a total of $3.14 billion. 

IOC, Oil India and a unit of Bharat Petroleum Corporation (BPCL) will buy 29.9% stake in Taas-Yuryakh oilfield in East Siberia for $1.12 billion and another 23.9% in Vankor oilfield for $2.02 billion, reports suggest.

Bharti Airtel on Wednesday launched international roaming packs offering free incoming calls, free calling minutes and texts to India to customers travelling abroad.