The All Share Price Index gained 1.08 percent to close 51.86 points higher at 4,865.12 while the Milanka Price Index of more liquid stocks fell 0.34 percent to close at 4,327.97, down 14.66 points.
Turnover was thin at Rs. 673.7 million with a little more than 24.3 million shares changing hands during the day.
"After a long time the overall market breadth was positive on Wednesday as 141 shares advanced and 68 shares declined," Bartleet Religare Securities said.
"Some of the oversold stocks staged a small bounce back. The major gainers in the markets today were NEST.N, LIOC.N and MBSL.N. Negative sentiment in the markets was slightly offset with a small rise but technically this only seems to be a breather in this declining trend," it said.
"The overall trend continues to be bearish, however the markets are in an oversold territory so a small pull back cannot be ruled out. The markets have support around the 4,750 level and the resistance comes at 4,960."