The Sensex and the Nifty opened the day sharply higher tracking strong global cues after US Fed Chairperson's testimony, which largely sent dovish signals on interest rate hikes in the US.
Reliance was finally trading with gains and the stock was up by one per cent. The company's shares lost ground for three successive days prior to today's gains.
Shares in Hindustan Oil Exploration company rallied sharply after reports that Dilip Sanghvi was picking a stake in the company. The stock was up more than six per cent in trade.
Banking stocks saw some buying interest in trade with ICICI Bank and Axis Bank among the early gainers.
Tech stocks continued to see buying interest with TCS and Infosys among the early gainers. Shares in Dewan Housing were trading sharply lower by almost 3 per cent after the company announced its qualified institutional placement.
Mid cap stocks saw some huge buying interest with Voltas and Unitech among the early gainers. Housing finance companies continued to see buying interest on hopes that there would be tax sops for the industry in the forthcoming Union Budget.
Meanwhile, markets across Asia were trading with gains on the testimony by Fed Chairperson Janet Yellen, which signalled dovish prospects for interest rate hikes in the US.