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Top-listed biotechnology company Biocon fell 2.6 per cent after its quarterly net profit dropped a worse-than-expected 15.8 per cent.
At 9:17 a.m. (0347 GMT), the 30-share BSE index was up 0.4 per cent at 17,060.19, with 25 of its components rising.
The broader 50-share NSE Nifty index also was up 0.4 per cent at 5,145.65.
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PREOPEN
Sensex seen higher; Cairn may rise
Sensex today is expected to open higher after a shift in stance by the central bank to bolster growth raised expectations for more foreign fund investments.
The Reserve Bank of India slashed cash reserve requirement for banks by 50 basis points on Tuesday to help ease tight liquidity, but kept rates unchanged due to high core inflation.
We could give another bump up ... but you will not have a one way street from here, said Ambareesh Baliga, chief operating officer at Way2Wealth.
He said the main 30-share BSE index, which has gained 10 per cent this month, could see some profit-taking.
Trading could be choppy because of the expiry of monthly derivatives contracts.
Cairn India may rise after the oil explorer reported a 12.5 per cent rise in its December quarter earnings.
Top-listed biotechnology firm Biocon is likely to fall after its quarterly net profit fell 15.8 per cent.
Asian shares rose on Wednesday underpinned by strong earnings from US technology giant Apple Inc, stabilising European money markets and falling euro zone debt yields, with investors shifting their focus to the Federal Reserve from Europe.
At 0224 GMT, the MSCI's broadest index of Asia Pacific shares outside Japan and the Nifty India stock futures in Singapore were both up 0.8 per cent.
STOCKS TO WATCH
* Indian Hotels Company, Tata Global Beverages , Union Bank of India, Bank of Baroda and Tata Communications report quarterly earnings on Wednesday.
* Indiabulls Real Estate could fall after its December quarter net profit slumped 45.5 per cent.
* Grasim Industries may rise after its October-December net profit rose 33.3 per cent.
* GMR Infrastructure after an official told Reuters, the company withdrew its bid to modernise and expand an airport in Croatia but is preparing to bid on similar projects in Brazil.
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