Benchmark indices opened the day higher led by strong gains in banking stocks like ICICI Bank and Kotak Mahindra. The Sensex was trading higher by 73 points, while the Nifty was up 17 points in trade.
Infosys, HCL Tech and Kotak Mahindra were leading gainers from the Nifty in early trade. Punjab National Bank was down 1.66 per cent ahead of its results to be declared later today.
SUN TV which had seen a sharp rally on Monday following the High Court's decision to allow it to bid for FM auctions saw some profit booking.
IDBI Bank was also trading higher ahead of its results to be declared later. Mid cap stocks in line with the benchmark stocks saw buying support with Britannia and ABB leading gainers from the space.
Shares in Maruti continued to rally ahead of its results, while Tata Motors hit a fresh 52-week low in trade.
The rupee was trading at 64.11 to the dollar in trade. Meanwhile, markets across Asia were trading with losses with the Shanghai Composite continuing to trade lower. Other markets that were down included the Strait Times and Seoul Composite.