Top Nifty gainers in trade were State Bank of India, Cipla, Coal India, Jaiprakash Associates and IDFC.

The stock of Maruti Suzuki was trading higher by 1 per cent ahead of its results to be declared later today. The stock lost heavy ground on Monday and closed 4.33 per cent lower.

Hindustan Unilever which declared numbers on Monday, was lower in trade, after brokerages downgraded the stock.

Banking stocks were trading higher ahead of the RBI's Monetary Policy on hopes that the country's central bank would keep interest rates steady. Among the gainers from the banking space were Canara Bank, Yes Bank, Punjab National Bank and ICICI Bank.

Idea Cellular was up after the company declared a good set of numbers. Technology stocks were not having a great day, despite weakness in the rupee in the last few days. HCL Tech and Infosys were both lower in trade.

Mid cap stocks were having a good day in trade with notable gainers from the space being Union Bank of India, Oriental Bank of Commerce, Apollo Tyres, Unitech and Reliance Communications.

Asian markets were trading steady with the most of the markets gaining except the Shanghai Composite, which was marginally down in trade.

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