The Sensex scaled passed the 19,000 mark on renewed optimism over passing of FDI in retail and strong global cues, following increasing hopes of a solution to the US fiscal cliff. The Sensex was trading higher by 169 points at 19,011 points, while the Nifty gained 47 points in trade.
Among the early gainers in trade today were ICICI Bank, Bank of Baroda, Cipla, Dr Reddy's Laboratories and Cairn India.
Shares of GMR Infrastructure was down 5.5 per cent, after the Maldives government cancelled an investment project of the company valued at $511 million deal.
Reliance Industries was marginally down after the government disallowed $1 billion expense of the company on the flagging KG-D6 gas fields.
Among the Nifty stocks that lost in trade today were Infosys, HDFC Bank, Sun Pharma and ACC.
Shares of retail companies were trading higher, following hints that the government may permit a discussion on FDI in retail. Shares of Pantaloon Retail, Provogue and Shopper's Stop all gained.
TCS was trading steady after the company said it has won a multi-million pound, multi-year contract from the Home Office of the UK government.
Banking stocks were also trading higher with State Bank of India, Axis Bank, Union Bank and Allahabad Bank amongst the gainers.
Meanwhile, markets in Asia were all trading higher on hopes of a solution to the US fiscal cliff crisis.