Benchmark indices opened the day higher as global markets staged a solid rally led by gains in Reliance Industries and Infosys.
The Sensex was trading with gains of 159 points, while the Nifty gained 49 points in trade at 7560 points.
TCS which reported a disappointing set of quarterly numbers was trading flat at Rs 1317. The shares dipped to an intra day low of Rs 1309, which was also a new 52-week low for the stock. Infosys was trading higher ahead of its results to be declared on Thursday.
ONGC was trading higher after crude oil prices stabilized near the $31 per barrel mark. Federal Bank, which reported a poor set of numbers continued to see losses in trade. The stock hit a new 52-week low of Rs 47 on the BSE.
In fact, most banking stocks saw some recovery in trade with IndusInd Bank up more than 1 per cent, while State Bank of India, Bank of Baroda and Punjab National Bank were all trading higher. Mid cap stocks also saw some good buying interest with Reliance Capital and Union Bank leading the gainers in trade.
Meanwhile, most Asian markets saw a good recovery in trade led by the Japanese Nikkei and the Honk Kong's Hang Sang