The Nifty was trading higher by 15 points, while the Sensex rallied 55 points in early trade. Among the stocks that joined Tata Steel with gains from the sector were Jindal Steel, Hindalco and Sesa Goa.
Beaten down banking names saw some respite for a second day in a row with notable gainers from the space being private sector names like ICICI Bank and State Bank of India. However, other stocks like Axis Bank, HDFC Bank and Kotak Bank lost ground.
Realty stocks which had a good day on Tuesday following good results by DLF were trading higher once again today.
IT stocks were trading mixed with Infosys losing ground, while Tata Consultancy Services was trading higher. Pharma major Wockhardt continued to be locked at the upper end of the circuit filter for a second day in a row.
Gitanjali Gems was also trading 5 per cent higher with only buyers at the counter. FMCG stocks saw some selling pressure in trade today with ITC and Hindustan Unilever both trading lower. Jewellery stocks were trading higher despite a hike in import duty of gold. Titan, Shree Ganesh and TBZ were among the gainers from the space.
Meanwhile, markets in Asia were trading flat with a slight negative bias. The Jakarta Composite and the Seoul Composite were trading with gains while the Taiwan Weighted and the Japanese Nikkei lost ground.