The Sensex was trading higher by 56 points, while the Nifty rose 14 points in early trade. Among the early gainers in trade were DLF, IDFC, Larsen and Toubro and Tata Steel. Hindustan Unilever rallied more then 2 per cent after the company's results were better then market expectations.

Banking stocks were trading higher ahead of the RBI's Monetary Policy Review. Among the stocks from the banking space that gained were Axis Bank, Canara Bank, Punjab National Bank, Yes Bank and State Bank of India.

Heavyweight, ITC which reported results late last week fell, after its results, particularly sales failed to match market expectations.

Among the other Nifty losers in trade today were Sun Pharma, Sesa Sterlite and Jindal Steel. Software stocks were also trading weak today with HCL Tand Infosys both losing ground.

Syndicate Bank also fell ahead of its results to be declared later today.

Realty stocks on the other hand were trading form with Unitech, HDIL and Godrej Properties among the early gainers in trade.

Meanwhile, the rupee was trading flat in trade at 61.43, awaiting cues from the Monetary Policy Reiew. Asian markets were all trading with gains, except the Shanghai Composite, which witnessed some selling pressure in trade today.

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