Sun Pharma is the biggest gainer among largecaps in the Sensex, rising 3.5 percent ahead of second quarter earnings. Taro numbers too helped the stock rally. Net income rose 47.2 percent Y-o-Y to USD 96.3 million and net sales jumped 27.5 percent to USD 205.3 million in the quarter gone by.

Shares of Jet Airways jumped 7 percent in intraday trade on Wednesday as it may soon roll out operations with Etihad. The Competition Commission of India (CCI) has finally cleared the much-awaited Jet-Etihad deal , which was pending since April. The Abu Dhabi-based airline will acquire 24 percent stake in the Naresh Goyal-led Indian carrier for Rs 2,058 crore.

However, the CCI has mentioned very specifically that if ever in future the commission finds either of the companies or this combination having any implications or impact on competition then action could be taken against them.

10:45am GMR Infra drops 2% post Q2 numbers

Infrastructure company’s net loss widened to Rs 393 crore in three-month period ended September 2013 from Rs 179.3 crore in a year ago quarter, but operating profit margin expanded 260 basis points Y-o-Y to 24.7 percent.

10:36am SBI weak ahead of earnings

According to a CNBC-TV18 poll, profit after tax is likely to decline 27 percent year-on-year to Rs 2,675 crore while net interest income (the difference between interest earned and interest expended) may increase 8 percent Y-o-Y to Rs 11,861 crore in three-month period ended September 2013.

10:19am The market is directionless today after falling for six consecutive sessions from its record high. On the global front, Asian markets are weak on uncertainty over Fed tapering.

The Sensex is up 9.17 points at 20291.08 while the Nifty is down 1.20 points at 6016.85 while the rupee continued its slide for the sixth straight day, falling 7 paise to 63.77 per dollar.

Manishi Raychaudhuri of BNP Paribas Securities expects the home currency, which has fallen to 63 against the US dollar, to continue to remain weak going forward.

The euphoria of Diwali week has ebbed and correction in Indian market will continue in the foreseeable future in response to consolidation in global markets. Raychaudhuri predicts 10 percent correction in Indian market from current levels and sees Sensex touching 18900 levels.

Sun Pharma is the biggest gainer among largecaps in the Sensex, rising 3.5 percent ahead of second quarter earnings. Taro numbers too helped the stock rally. Net income rose 47.2 percent Y-o-Y to USD 96.3 million and net sales jumped 27.5 percent to USD 205.3 million in the quarter gone by.

Ahead of September quarter earnings, Tata Steel gained more than 1 percent and M&M rose 0.76 percent while ONGC , Cipla , Coal India and State Bank of India are under pressure.