Among the early gainers was Maruti Suzuki, which rallied 1.3% on reports that the company is set to hike prices of its products.

Mahindra and Mahindra, another auto major joined Maruti higher and was trading with gains. Bharat Heavy Electricals, which rallied 9% on Wednesday, jumped another 1% in trade.

Banking stocks were trading higher with Yes Bank gaining 1%, while Axis Bank and ICICI Bank were the other gainers.

Cement stocks continued to see some buying interest with notable gainers being ACC and Ambuja Cements. Energy stocks, including those from the oil and gas space continued to lose ground in trade today with ONGC, BPCL and Reliance among the losers.

Financial Technologies, whose shares were hammered throughout the weak after the auditors made comments regards their results, saw some gains today on short covering.

PSU banking stocks which had dipped sharply following last week's Monetary Policy review, were trading flat.

IT Stocks were trading mixed despite sharp gains in the rupee. Infosys and Wipro gained in early trade, while TCS and HCL Tech were among the losers.

Meanwhile, markets in Asia were trading mixed. While the Shanghai Composite declined more then 1%, the Japanese Nikkei, the Singapore's Strait Times and the Korean Seoul Composite were trading higher.

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