Among the early gainers were those from the oil and gas space including Reliance Industries, Gas Authority of India and Cairn India.
Other Nifty stocks that gained were those from the Banking sector including ICICI Bank, IndusInd Bank, Yes Bank and State Bank.
Nifty stocks that lost ground in trade were TCS, ITC and Hindustan Unilever. Bharti Airtel which rallied sharply in trade on Wednesday continued to see buying interest with the stock gaining another 2 per cent in trade.
PSU banking stocks which were badly hammered in trade saw buying interest at lower levels with notable gainers being Allahabad Bank, Oriental Bank and Syndicate Bank.
HCL Tech which had rallied sharply following a spectacular set of results were trading flat. Wockhardt was once again trading at the lower end of the circuit filter along with Gitanjali Gems.
Andhra Bank which fell sharply following its results recovered and was trading flat.
Meanwhile, markets in Asia were trading higher following better then expected data from China. The Chinese Shanghai Composite gained along with the Japanese Nikkei, Singapore's Strait Times and the Korean Kospi.