Oil and Gas and IT indices led today’s upmove, rising more than a percent. Reliance Industries and ONGC rallied 1.7 percent each.

IDFC declined 0.6 percent as the company has sought for a cut in foreign holding limit in company to 49.9 percent from 51.27 percent as on December 6. Its intent to cut foreign holding limit is to meet RBI bank licence norms. Ranbaxy Labs rose 1.5 percent after Daiichi Sankyo said it will provide support to Ranbaxy to deal with FDA issues.

Shares of NCC surged 6 percent on media reports that the company is close to sell its thermal power assets to Sembcorp. Apollo Tyres spiked 3 percent and Aurobindo Pharma advanced 0.9 percent. NSE barred both stocks in F&O segment.

Christian Keller of Barclays feels emerging markets are likely to be in a more constructive mood after the Fed decision. Emerging markets currencies are likely to enjoy a lift from the reduced risk on portfolio outflows, he adds. Among high yielding currencies, he favours Russian Ruble, Indian Rupee and Braxlilian Real.

Biotechnology firm Biocon informed the stock exchanges on Wednesday it had entered into a tie-up with California-based Quark Pharma for developing small interfering RNA (siRNA) based medicines.

In an interview with CNBC-TV18, Chairperson and Managing Director Kiran Mazumdar-Shaw said the area of medicine covered in the tie-up involved inhibiting gene expressions with RNA molecules and promises to be useful in treating several acute and chronic conditions.

“This is a very coveted space with companies pursuing drug development in the area getting good valuations. Quark is the pioneer of the technology,??? Mazumdar-Shaw said. She, however, did not put a number to incremental revenues that could result from the deal. “All biopharma projects have long gestation periods. So this is a midterm bet for us.???

The market maintained its northward journey supported by oil and gas, banks, technology and auto stocks.

The Sensex climbed 90.79 points to 20,799.41, and the Nifty rose 24.90 points to 6,191.55 while the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 0.7 percent each.

Calming these fears, Gautam Trivedi of Religare Capital Markets said that withdrawal of monetary stimulus by the Fed won’t have a huge impact on EMs. Speaking to CNBC-TV18, he said that he doesn’t see inflows into India slowing down significantly as FIIs are not looking at exiting the county anytime soon. Oil and Gas and IT indices led today’s upmove, rising more than a percent. Reliance Industries and ONGC rallied 1.7 percent each after the Cabinet decided to allow Reliance to sell natural gas at new price of USD 8.4 per million British thermal units as against the current USD 4.2.

Shares of TCS and Wipro gained more than 1.3 percent while their rival Infosys , which rallied 50 percent since June, rose 0.6 percent.