Key barometers were trading in a narrow range with modest gains in mid-morning trade. Shares were buoyant amid positive Asian cues. The Nifty traded above the 11,450 level. At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 69.18 points or 0.18% at 38,575.27. The Nifty 50 index was up 30.45 points or 0.27% at 11,458.75.

The S&P BSE Mid-Cap index traded 0.03% lower. The S&P BSE Small-Cap index was up 0.45%.

The market breadth was positive. On the BSE, 1103 shares rose and 895 shares fell. A total of 158 shares were unchanged.

Overseas, Asian shares are trading higher as news overnight boosted Brexit optimism. The media reported that the EU and the U.K. were close to a deal.

South Korea's central bank cut its interest rate for the second time in three months on Wednesday, following its first cut in July.

US stocks gained on Tuesday on strong US corporate results and a possible deal to avoid a disorderly British exit from the European Union.

Back home, the Nifty Bank index was up 0.53% at 28,706.10, gaining 2.47% in four consecutive trading sessions.

Among private sector banks, AU Small Finance Bank (up 1.81%), ICICI Bank (up 1.39%), RBL Bank (up 1.08%), IndusInd Bank (up 0.76%), Axis Bank (up 0.62%), Yes Bank (up 0.37%), Kotak Mahindra Bank (up 0.22%) and HDFC Bank (up 0.21%) advanced.

Federal Bank was up 2.01% ahead of its Q2 earnings today, 16 October 2019.

Among PSU banks, Bank of India (up 1.63%), Syndicate Bank (up 1.46%), Oriental Bank of Commerce (up 1.08%), Bank of Baroda (up 0.97%), State Bank of India (up 0.91%), Union Bank of India (up 0.9%) and Punjab National Bank (up 0.09%) gained.

Pharmaceutical firm, Indoco Remedies advanced 5.05% after the company announced the successful completion of USFDA audit. The US Food and Drug Administration (USFDA) inspected Indoco's sterile manufacturing facility in Goa from 7 October to 15 October 2019. The Inspection ended with 2 observations, neither of these are related to Data Integrity or the core Quality Management System and the Company will respond to the FDA within the stipulated time.

ARSS Infra Projects jumped 4.78% after the company received an order from Rail Vikas Nigam for construction of a major bridge in Rayagada- Ladda in Odisha. The order worth Rs 60.57 crore is to be completed within 36 months.