Among the notable gainers in early trade were Mahindra and Mahindra, Gas Authority of India, Tata Motors and Larsen and Toubro. Tata Consultancy Services was the top Nifty gainer as investors bought into the stock following the creation of a Japanese JV by the government.
ICICI Bank was trading marginally lower ahead of its results to be declared later today. HDFC Bank on the other hand was trading higher ahead of its results.
PSU banking stocks which rallied substantially in the last few trading sessions gave up ground. Some of the stocks that lost ground were IDBI Bank, Union Bank and Syndicate Bank.
Shares in Wipro which slumped almost 7 per cent on Monday was trading flat. Infosys too was trading flat.
Sesa Sterlite which gained ground on Monday following the Supreme Court decision to lift the ban on Iron Ore mining in Goa saw some profit booking and was lower in trade.
Top losers from the Nifty in trade were Hindalco, Ultratech Cement, ACC and NTPC. Mid cap stocks continued to have a good session in trade with notable gainers from the space being Godrej, Petronet LNG, IFCI and Reliance Infra.
Meanwhile, markets in Asia were trading with gains with notable gainers being the Singapore's Strait Times and the Taiwan Weighted.