The Sensex ended the day higher by 50 points (provisional), while the Nifty rallied 10 points in trade. Among the top gainers in trade apart from Tata Motors and ICICI Bank were Jaiprakash Associates, Maruti Suzuki, Reliance Communications and Tata Steel.
Top Nifty losers were Tata Consultancy which shed 2 per cent, after rallying almost 5 per cent on Monday. Other notable losers were Coal India, Bharat Heavy and Sun Pharma.
Bharti Airtel continued to shed ground for a second day in a row. In fact, telecom stocks were trading weak once again with even Idea Cellular ending the day with losses.
Real estate stocks continued to grind higher with notable gainers from the space being DLF, Unitech and Sobha Developers. Kotak Mahindra lost ground after the company results disappointed the street.
Mid cap stocks also had a good day in trade with notable gainers being Aurobindo Pharma which rallied for a second day in a row after the company tookover Actavis. Other notable gainers from the mid cap space were RCOM and Hindustan Zinc.
However, the stock of Allahabad Bank, CESC, UPL and Petronet lost ground in trade.
IT stocks saw some profit booking in trade with CMC, Mind Tree and TCS among the prominent losers.
Meanwhile, markets in Asia rallied in trade today led by strong gains in the Japanese Nikkei.