Benchmark indices opened the day higher on the back of strong global cues. The Sensex was trading higher by 63 points, while the Nifty gained 35 points in early trade.
Strong global cues led by a surge in Asian markets saw renewed buying interest in stocks.
HDFC Bank was also trading higher ahead of its results to be declared later today. Tata Steel, Coal India and Tata Power were the early gainers in trade.
Shares in HCL Tech saw a smart rebound after dropping for two consecutive sessions in a row. Shares in Yes Bank gained after leading brokerage houses upgraded the stock to a buy.
Jet Airways rallied almost 3 per cent after reports that it was putting planes on sale to reduce debt. Sasken Communications was trading higher after the company issued a buyback of shares.
Meanwhile, markets in Asia rallied sharply following strong closings across the US. The Shanghai Composite, the Hong Kong's Hang Sang and the Singapore Strait Times were all trading with gains.