The S&P CNX Nifty was trading higher by 4 points, while the Sensex was trading higher by 24 points at 9.20 am IST. Among the early gainers in trade were BPCL, Jaiprakash Associates and Maruti Suzuki.
Among the early losers were Sesa Goa, which lost 2.28%, following reports that the Union Ministry of Environment and Forest had suspended environmental clearance of 93 Goa mines.
Other losers from the index stocks were IDFC, Jindal Steel, Sterlite Industries and Bharti Airtel.
Jaiprakash Associates was up marginally following reports that the company had redeemed some of its FCCBs. Shares of Reliance Industries was marginally down by 0.44% in early trade.
Markets are expected to remain rangebound today ahead of a key decision from the Federal Reserve whether to unleash a fresh round of quantitative easing.
Domestically, all eyes would be focused on the inflation data slated for Friday, ahead of the RBI's monetary policy review slated for Monday.
Meanwhile, Asian markets were all trading higher with the Japanese Nikkei, Hong Kong's Hang Sang and the Korean Kospi trading in the green.