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Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial, said that FIIs have turned buyers over the last two sessions as valuations turn comfortable while concerns are abating. "However, given the sharp rally in the last few days, we expect markets may take a pause and consolidate before resuming its upward journey. Investors would pick up cues from the ECB’s MPC on Thursday and the US Fed meeting next week," he said.

On the performance of the company, Rane Engine Valve Ltd said sales to Indian original equipment (OE) customers grew 50 per cent, supported by strong demand across vehicle segments. Export sales grew by 55 per cent as the demand from overseas customers remained strong.

The Dow Jones Industrial Average dipped 92 points, or 0.29%. ​The S&P 500 was little changed, while the tech-heavy Nasdaq 100 posted modest gains. Netflix rose after it reported better-than-feared earnings late on Tuesday and said it expects to return to subscriber growth before the end of the year.

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As per the latest corporate shareholdings filed, Dolly Khanna publicly holds 24 stocks with a net worth of over Rs 535.5 crore, shows Trendlyne data. Top bets include Chennai Petroleum, Polyplex Corp, Sharda Cropchem and KCP.

The small body of negative candle after the gap up opening signalled reluctance of the market to conquer further highs after the sharp positive opening, said Nagaraj Shetti, Technical Research Analyst,HDFC Securities. He believes the market could see consolidation or minor downward correction in the short term.

"We delivered profitable data revenue growth as a result of disciplined execution, portfolio enhancements and deeper customer engagements. We continue to closely monitor and overcome the OEM and Supply Chain challenges.We are pleased with the healthy growth in the order booking and funnel additions across our portfolio, both in India and international markets

However, Jhunjhunwala had tendered 3.57 percent equity, or 47,19,362 of his shares of the firm, according to an exchange filing on April 12. The ace investor held 75 lakh shares or 5.68 per cent stake in the company as of February 18.Jhunjhunwala has been holding this counter since December 2015. However, he gradually trimmed his stake from more than 10 per cent back then.

The Reserve Bank of India has been aggressively intervening in the market to prevent runaway depreciation in the currency in recent weeks.

The Nifty Pharma index closed 0.23 per cent up at 12711.5.