Among the early gainers in trade were Tata Power, ONGC, BPCL, Kotak Mahindra, Bharti Airtel and IndusInd Bank.
Stocks that lost ground from the Nifty were Cairn India, Infosys, NMDC, TCS, Sesa Goa, Hindalco, DLF and Lupin.
PSU banking stocks continued to gain for a second day in a row, on hopes that the Reserve Bank would cut rates in its forthcoming policy in May. PSU banking stocks that gained were Oriental Bank, Punjab National Bank, State Bank of India and Canara Bank.
Realty stocks too gained on hopes of a rate cut. Early gainers from the space were Prasvnath, Oberoi and Indiabulls. Tata Consultancy Services was trading marginally lower ahead of its results later today. Reliance Industries too was down 0.30 per cent ahead of its results to be declared after market hours.
Shares of jewellery retailers continued to fall, following a sharp drop in gold prices. PC Jeweller and Trobhoovandas Bhimji Zaveri were among the losers.
Gold loan companies also saw a sharp slide with Muthoot Finance and Manapurram among the losers from the space.