Benchmark indices opened the day higher, even as markets across Asia were trading mixed. Overnight US markets had strong closings and Dow Futures once again pointed to higher openings there.
The Sensex was trading with gains of 150 points, while the Nifty rose 52 points in trade. Banking stocks, which had seen some selling pressure on Monday, saw some buying support.
Among the gainers from the banking space, included names like ICICI Bank, State Bank of India and Axis Bank.
Indiabulls Housing Finance saw its shares lose ground, even after the company said it has raised about Rs 1,205 crore over the last few days through its qualified institutional placement (QIP) and partial stake sale in UK-based OakNorth Bank.
Raymond Ltd saw its share price drop marginally, after the company reported widening of its consolidated net loss to Rs 247.60 crore in the first quarter ended June 2020.
Among the top gainers in trade from the Nifty were Grasim, Titan and Bajaj Finance. SREI Infrastructure Finance saw its shares jump 9 per cent, after the company reported net profits at Rs 23 crore in Q1FY21 against profit Rs 42.67 crores.
Meanwhile, Asian markets were trading mixed with the Japanese Nikkei losing ground and the Hang Sang and the Shanghai Composite trading higher.