The BSE Midcap Index rallied more than 25 percent this year against 20 percent for Sensex.
Shares of Aurobindo Pharma gained over 7.5 percent in morning trade as investors cheered a product approval by the US drug regulator.
The US Food and Drug Administration (FDA), late on Tuesday, gave an approval to Sevelamer Tablets. These are used to treat patients with chronic kidney diseases.
“The approved product has an estimated market size of US$ 1.9 billion for the twelve months ending May 2017 according to IMS,” the company said in a filing to the exchanges.
The company further informed that the product will be launched immediately from its Hyderabad facility. “This is the 124th ANDA (including 21 tentative approvals) to be approved out of Unit VII formulation facility in Hyderabad,” the company further added.
Equity benchmarks rebounded on Wednesday after yesterday's steep fall, backed by short covering in beaten down stocks.
The 30-share BSE Sensex was up 104.05 points at 31,815.04 and the 50-share NSE Nifty rose 33.90 points to 9,861.05.
Healthcare stocks were in demand as Aurobindo Pharma rallied 7.5 percent followed by Lupin, Sun Pharma after USFDA approvals.
HUL gained nearly a percent post better-than-expected earnings. ITC rebounded 1 percent after yesterday's 13 percent correction.
Eicher Motors, ACC and Zee Entertainment gained 1 percent whereas Bajaj Auto and UltraTech Cement were under pressure.
Nifty Midcap was up 0.4 percent as about five shares advanced for every share falling on the BSE.
Lakshmi Electrical Control Systems surged 10 percent.
JM Financial, Sintex Industries, Federal Bank, Amtek Auto, Ashok Leyland, Sundaram Finance, Jubilant Life and Jet Airways gained up to 2 percent while Sasken Communications, KPIT Tech and Havells India were down.
Asia markets were mixed as dimmed prospects for US healthcare reform led to the dollar wallowing near 10-month lows.
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