Benchmark indices opened the day higher on the back of solid global cues, with the US markets staging a sharp rally overnight.
The Sensex was trading with gains of 98 points, while the Nifty gained 26 points in trade. Leading the gainers were stocks from the banking sector including the likes of HDFC Bank, State Bank of India and Axis Bank.
Shares in Eros International gained almost 10 per after the company said that it had engaged a US-based law firm to conduct an independent internal review in the wake of an anonymous campaign spreading "false and malicious information" against the company.
TVS Motors was up 3 per cent after the company reported healthy growth numbers for the month of Oct.
Oberoi Realty was also trading higher after a good set of quarterly numbers. Midcap stocks were also higher in line with the broadmarkets, though select stocks like HPCL, SPARC dropped in trade.
Meanwhile, markets across Asia were trading with good gains led by the Hang Sang and Strait Times. The Japanese Nikkei, however, dropped 2 per cent.