The BSE Sensex edged up 0.31 percent on Wednesday, while the broader NSE Nifty gained 0.29 percent. Sun Pharmaceuticals Industries Ltd hit an all-time high of 587 rupees on hopes of higher sales of a key cancer drug after innovator Janssen Pharmaceuticals Inc said on Wednesday the drug would likely be in short supply in the coming weeks.
Analysts tracking the sector said Sun Pharma already has 50 percent of the market share in this drug which will get a further boost after this development.
Software services exporter Wipro Ltd gained 3.5 percent ahead of its inclusion in the Nifty effective Friday.
Volatility is seen ahead of the expiry of September equity derivatives later in the day.
Although the Nifty is seen finding support around its 200-day moving average for the third consecutive day.