Indian equity benchmarks recovered initial losses to move higher in choppy trade on Wednesday amid mixed global cues. Among heavyweights, gains in HDFC Bank, Kotak Mahindra Bank and Infosys were offset by losses in Reliance, ICICI Bank and Mahindra & Mahindra.

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Both headline indices rose as much as 0.4 per cent in the first 45 minutes of trade. The Sensex rose 241.7 points to 60,897.4 at the strongest level of the day so far, and the Nifty50 climbed to as high as 18,123.3, up 70 points from its previous close. 

At 10 am, the 30-scrip index held on to the green with a gain of 226.2 points at 60,881.9 and the Nifty50 stood at 18,116.1, up 62.80 points from its previous close. 

A total of 36 stocks were in the green in the Nifty50 basket. Tata Steel, Hindalco, the HDFC twins, Wipro, UPL, SBI Life and Grasim were the top gainers, rising 1-2 per cent. 

On the other hand, HDFC Life, Tata Motors, Adani Enterprises, Eicher Motors, Mahindra & Mahindra and Cipla -- down between 0.7 per cent and 1.3 per cent -- were the top laggards.

Anil Singhvi market view

Zee Business Managing Editor Anil Singhvi expects the Nifty to find support at 17,950-18,000 levels, below which, he sees a strong buy zone in the 17,850-17,900 band. He sees the 50-scrip benchmark facing resistance in the 18,075-18,150 zone, followed by a strong sell zone at 18,175-18,250 levels. (Read more on Anil Singhvi's market strategy)

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