Benchmark indices opened the day higher as global cues continued to remain strong. Reports that the Trump administration had begun the transition process to the Biden government pushed Dow Futures higher. This led to some strong traction across the Asian markets, with markets like the Japanese Nikkei jumping as much as 2.5 per cent.
The Nifty was trading with gains of 71 points, at 13,001 points.
State-owned Coal India gained despite the company saying it has been served a one-day strike notice by four trade unions for November 26, 2020. "Four trade unions of CIL have served one-day strike notice in CIL and its subsidiaries on 26.11.2020. Efforts would be made to avert the strike and conciliatory process is going on, " the company said in a BSE filing.
Indiabulls Housing Finance shares lost ground after global ratings agency Moody's Investor Service said that asset quality at non-bank lenders IIFL Finance and Indiabulls Housing Finance is "vulnerable" due to the economic contraction.
Banking stocks were higher with ICICI Bank and HDFC Bank leading the set of gainers.
Shares in JK Tyres gained ground after the company said it will supply radial tyres to Korean automaker Kia Motors India for the compact SUV Seltos. The stock jumped 3 per cent in early trade.