The Sensex closed the day higher by 80 points, while the Nifty closed the day higher by 23 points. Leading the set of gainers from the Nifty were TCS, which closed almost 3 per cent higher after the company reported a good set of results.
Other Nifty gainers in trade were ICICI Bank, HDFC and Hero Motor Corp. MindTree also rallied after the company's dollar revenues jumped more than 6.4 per cent.
Shares in gold loan company, Muthoot Finance gained ground after the RBI issued draft guidelines for payment, small bank licences.
Repco Home Finance was among the losers in trade today after reports that noted investor Carlyle had exited the company.
PSU banking stocks saw some selling pressure in trade with notable losers being Indian Overseas Bank, Canara Bank and Andhra Bank.
Realty stocks which have been riding high ever since the Union Budget announced some sops for the industry, came in for selling pressure with Sobha Developers and Unitech among the top losers.
Select mid cap stocks also came in for profit booking with GMR Infra, Biocon and Unitech among the losers.
Meanwhile, markets across Europe were trading marginally lower, with the German DAX, the French CAC and the UK's FTSE down.