The BSE Sensex was trading higher by 143 points at 16,982 points, while the Nifty was trading higher 41 points at 9.30 am IST.
Among the stocks that rallied today were ICICI Bank, which shot up more than 2% following good results posted on Friday. Other stocks that gained sharply among the S&P CNX Nifty stocks were Sesa Goa, SAIL, Grasim and Cipla.
On the losing side among the S&P CNX Nifty were Maruti and Bank of Baroda. India's largest passenger car marker, Maruti declined almost 2% following a poor set of results announced on Saturday. Bank of Baroda dropped ahead of its results, which are to be declared later today.
Meanwhile, Asian markets were trading significantly higher on increasing hopes of easing measures likely to be announced by Central Banks across the globe.
Hong Kong's Hang Sang was trading higher by 1.56%, while the Taiwan Weighted was up almost 0.70% and Singapore's Strait Times was up by 0.74%.