Shares of Cipla continued to surge, gaining more than 5% in early trade today, following a spectacular set of numbers posted by the company.
Other stocks among the S&P CNX Nifty that saw a smart rally were BHEL, Ambuja Cements and Reliance Infrastructure.
Among the losers in early trade were Coal India, HDFC Bank, ACC and Hero MotorCorp. Shares of Deccan Chronicle lost 5% again today following reports that Karvy had filed a case against the company.
Meanwhile, Asian stocks were trading lower today with the Japanese Nikkei and Singapore's Strait Times, marginally down.
Markets are expected to move in a tight range and follow global cues. In fact, global markets are awaiting the outcome of a Federal Reserve meeting to be held later today. Any hint of a quantitative easing programme could spark a fresh rally in stocks.