The BSE Sensex was trading 33.29 points or 0.09 per cent higher at 38,618.64 but ended on a higher note by settling 22 points higher at 38,607.01. The gauge had ended 353.87 points, or 0.91 per cent, lower to close at 38,585.35 in its previous session.
The NSE Nifty was trading 10.20 points, or 0.09 per cent, higher at 11,594.50 in early session and was 12.40 after the closing session at 11,596.70.
Vedanta was the top loser in the Sensex pack, dropping 3.72 per cent. Axis Bank, Sun Pharma, Infosys, PowerGrid, ICICI Bank, TCS, HCL Tech, Tata Steel, Kotak Bank, HDFC, IndusInd Bank and Maruti too fell up to 1.46 per cent.
On the other hand, Bharti Airtel, Bajaj Finance, Bajaj Auto, Reliance Industries, Tata Motors, SBI, HUL, NTPC, ONGC, ITC and Asian Paints rose up to 2.19 per cent.
Sectorally, BSE energy, telecom and oil and gas indices rose up to 1.11 per cent, while BSE metal, IT and teck indices dropped up to 1.18 per cent.
Market mood was cautious as polling began in 91 constituencies spread across 18 states and two union territories in the first phase of Lok Sabha elections, traders said.
However, according to Vinod Nair, Head of Research, Geojit Financial Services, “Election-led consolidation may be short-lived and the key trigger will be the earnings growth which is expected to start revive from fourth quarter onwards,” said
Meanwhile, foreign institutional investors (FIIs) purchased equity worth a net Rs 1,429.92 crore on Wednesday, while domestic institutional investors (DIIs) sold shares to the tune of Rs 461.29 crore, provisional data available with stock exchanges showed.
Elsewhere in Asia, markets in Japan, China and Korea ended on a mixed note. In Europe, bourses in Germany, France and UK were trading in the positive terrain in early deals.
The rupee depreciated 4 paise to 69.15 against the US dollar in early trade.
Brent crude futures, the global oil benchmark, was quoting lower at USD 71.44 per barrel.
Elsewhere in Asia, benchmark equity indices in Shanghai, Tokyo and Seoul were trading in the negative terrain in early trade. Indices on Wall Street ended flat on Wednesday.