The Sensex was trading higher by 105 points, while the Nifty rallied 19 points in trade. There was a mad scramble for IT stocks after Infy results. TCS, Wipro, HCL, Hexaware, Mahindra Satyam, Mphasis and Oracle surged in trade.
Most of the other Nifty constituents were trading in the red. Shares of Oil and Gas companies which had rallied on hopes of a hike in diesel prices were sharply lower. ONGC, HPCL, BPCL and Indian Oil all lost ground.
FMCG stocks which had rallied sharply in the past few months continued to lose ground with HUL and ITC both falling.
Banking stocks also lost ground today with HDFC Bank, ICICI Bank, Axis Bank and Kotak Bank among the losers.
Tata Motors which had rallied sharply since the beginning of the year lost ground on profit booking. The winners from the Nifty apart from the IT stocks were Tata Steel, Sesa Goa, Ranbaxy Laboratories and Coal India.
Shares of United Spirits was down marginally after reports that SEBI has issues over the United Spirits-Diageo deal.
Shares of GMR were down marginally after reports that the NHAI may bar GMR from bids for road project post company exiting 555km highway project.
Meanwhile, markets in Asia were trading mixed with the Japanese and the Taiwan index up, while most of the other indices lost ground.