The Sensex was last trading higher by 54 points, while the Nifty rallied 16 points in eraly trade. Among the eraly gainers were those from the banking stocks led by ICICI Bank and Bank of Baroda. Other notable gainers were IndusInd Bank and Yes Bank.
Mid cap stocks were also trading higher with Syndicate Bank, Voltas and Vijaya Bank among the prominent gainers.
Media stocks were also in the limelight on reports that there might be an increase in advertisement spending ahead of the elections. HT Media rallied 1.4 per cent and Sun TV Network also gained ground in trade.
ONGC was trading marginally weak after reports that it was shutting 4 of its oil blocks in Southern Sudan.
Retail stocks like Pantaloon were also trading higher after reports that the festive season sale was relatively better this year.
Top Nifty losers in trade were Mahindra and Mahindra, Bharat Heavy and Power Grid Corporation.
Meanwhile, markets in Asia were trading higher even as the Dow Jones closed at a new record high. Asian markets that rallied in trade were the Shanghai Composite and the Jakarta Composite.