Markets opened on a firm note, after Monday's dramatic fall with the BSE Sensex trading at 17,602 points, up 156 points over its previous close. The Nifty was also trading firm at 5324 points, up 43 points at 9.20 am IST.
Heavyweights including Reliance, L&T and ICICI Bank all rallied smartly in opening trade. Sesa Goa which had dropped sharply by almost 9% in Monday's trade following its merger with Sterlite, was up 1% in early trade.
Among the early losers were Cairn and HDFC Bank. Markets are now expected to take cues from the election results of Uttar Pradesh next week and the Union Budget and Credit policy in the following weeks.
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