Markets opened the day higher after strong overnight stock cues from the US and strong opening in Asian markets. The Sensex was trading 151points up at 16634, while the NSE Nifty was up by 43 points at 9.30 am.

Markets across the globe have now bounced back on Monday and Asian markets are stronger on Tuesday as well. Analysts are not sure if this is the beginning of a strong momentum upwards or merely a technical bounce and suggest to wait until the end of the week for a clear trend to emerge.

Among today's gainers were State Bank of India, which has now rallied sharply for a third day in a row. The other gainers in trade today include ICICI Bank, Infosys and Axis Bank.

Meanwhile, markets are expected to continue taking cues from Europe and the EU summit due for Wednesday. US home sales data for the month of April is also due today.

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