Renowned investor Rakesh Jhunjhunwala is reported to have picked a stake in the company, while a few foreign entities have upped their target on Spice Jet.
Banking sector stocks were trading steady ahead of the RBI policy. State Bank of India was up 0.34%, while ICICI Bank which rallied sharply on Monday was trading 0.53% higher. Among the early gainers were technology stocks including TCS and Wipro.
Losers on the other hand were automobile stocks including Mahindra and Mahindra, Tata Motors and Maruti Suzuki.
In Asia most of the markets were trading higher, following hopes of monetary easing, particularly in Europe and the US. The Japanese Nikkei was trading higher by 0.5%, while the Hang Sang was up 0.82%.
Domestically, all eyes are on the credit policy, which is to be delivered later today. It's widely believed that the RBI would hold rates steady.