The Sensex and the Nifty opened higher despite a poor set of results from majors like Larsen and Toubro and HCL Tech which were disappointing.

Global cues were weak, but Indian markets ignored the trend. The Sensex was trading with gains of 77 points at 28,190 points, while the Nifty gained 14 points in trade.

Check Sensex gainers and losers

Banking stocks were doing well ahead of the Reserve Bank of India (RBI) Credit Policy on August 4. ICICI Bank which reported decent numbers was among the gainers and was up 2 per cent, while other banking stocks like

Canara Bank and Union Bank were also among the gainers. Hero Motor Corp was trading marginally lower ahead of its results to be declared later today.

Mid cap stocks were seeing some buying traction with shares like Voltas and Sun TV among the gainers. PSU Banking shares which saw a sharp rally on Friday continued to gain ground.

Oil marketing companies were among the gainers after a fall in crude prices. BPCL and HPCL were trading higher.

Meanwhile, markets across Asia were trading sharply lower led by losses in the Shanghai Composite and the Hang Sang.

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