The Sensex and the Nifty opened the day higher ignoring the AAP victory as market participants now focus on the forthcoming Union Budget. The Sensex was trading higher by 138 points, while the Nifty gained 43 points in early trade.
Leading the set of gainers from the Nifty were Sun Pharma, Ultratech Cement and Tata Power. DLF was in the limelight after reports that the company would be setting up a Real Estate Investment Trust. Mid cap stocks were also having a good day in trade with Voltas, Crompton Greaves and JSW Energy among the gainers.
Cairn India was trading lower as Crude Oil prices continued to drift lower. BPCL was trading marginally higher ahead of its results to be declared later today.
Shares in Jain Irrigation dropped three per cent in early trade as the company's consolidated net loss stood at Rs 39.7 crore versus profit of Rs 26 crore.
IT stocks were having a mixed session in trade with TCS and Wipro gaining ground, while Infosys lost ground in trade.
Meanwhile, Asian markets were trading with strong gains on solid overnight closings in the US. The Singapore's Strait Times and the Taiwan Weighted were all up.