The Sensex was last trading at 19,915 points, higher by 20 points, while the Nifty gained 10 points in early trade.
Among the early gainers in trade were Sun Pharma, ONGC, Hindalco and Bajaj Auto. IT stocks were subdued in trade after the rupee gained against the dollar.
Oil marketing companies which had fallen in the last few trading sessions gained ground in trade today. BHEL, which had rallied sharply in the last few trading sessions lost ground in trade today.
Wipro, which was included into the Nifty with effect from today rallied 1% in trade.
Banking stocks were having a good day in trade with Bank of Baroda, Canara Bank, Indusind Bank and State Bank among the gainers.
However, ICICI Bank and HDFC Bank lost ground in trade today.
FMCG stocks were having a flat day of trade with ITC and Hindustan Unilever, both trading with marginal gains.
Shipping stocks were in the limelight in trade with the Baltic index touching a 21 month high. Varun Shipyard, ABG shipping and Western India Shipyard were among the gainers.
Oberoi Realty was among the losers in the realty pack, after the company completed its offer for sale.
Mid Cap stocks also saw buying interest with Divis Labs, JSW Energy, Sun TV and Voltas rallying. Meanwhile, markets in Asia were trading firm following a sharp rally in the US markets. The Shanghai Composite, the Korean Kospi, the Singapore's Strait Times and the Hong Kong's Hang Sang were all higher in trade.