The Sensex was trading higher by 59 points, while the Nifty gained 11 points in early trade. Apart from Reliance Industries other Nifty stocks that rallied in trade were Cipla, Cairn India and Tata Consultancy Services.
Infosys gained 0.33 per cent in trade despite news that Subrahmanyam Goparaju, senior vice president and head of Infosys Labs, had resigned from the company.
State Bank of India, the country's largest bank was trading lower after reports that the bank had slashed home loan rates by up to 0.4 per cent for new borrowers.
Other PSU banking stocks were also lower in trade with notable losers being Canara Bank, Allahabad Bank and Indian Overseas Bank.
Real estate stocks which had rallied following the RBI decision to keep interest rates on hold, lost ground today. HDIL and Indiabulls Realty were both trading lower.
Metal stocks on the other hand were trading flat, except Welspun Gujarat which rallied almost 7 per cent in trade. Leading housing finance institution, HDFC was flat, after the company cut its home loan lending rates.
Meanwhile, most of the Asian markets were trading in the negative with major losers being in the Indonesian and Chinese markets.