Domestic equity benchmarks opened on a positive note Thursday led by gains in index heavyweights TCS, RIL and ITC, ahead of the expiry of May derivatives contracts. After rising over 100 points in opening session, the BSE Sensex was trading 94 points, or 0.24 per cent, higher at 39,596.05.
Similarly, the broader NSE Nifty rose 15 points, or 0.13 per cent, to 11,876.10.
In the previous session on Wednesday, the 30-share gauge ended 247.68 points, or 0.62 per cent, lower at 39,502.05. Likewise, the Nifty dropped 67.65 points, or 0.57 per cent, to 11,861.10.
Top gainers in the Sensex pack include NTPC, Coal India, Bharti Airtel, Bajaj Auto, TCS, Asian Paints, PowerGrid, Tata Motors, RIL and ITC, rising up to 2 per cent.
On the other hand, M&M, Vedanta, ONGC, Sun Pharma, HDFC, Maruti, Tata Steel and ICICI Bank were among the losers in the index, shedding up to 1.29 per cent.
Investors are also cautious ahead of the expiry of May futures and options (F&O) contracts, traders said.
According to Narendra Solanki, Head Fundamental Research (Investment Services) - AVP Equity Research, Anand Rathi Shares and Stock Brokers, the market currently waiting for new government to form and is more likely waiting for policy guidance and follow up announcements on same.
"As the earnings season is almost over, the new triggers for the markets are going to be RBI policy due next month, full budget by new government and policy roadmap for growth in major sectors of the economy," he added.
Meanwhile, foreign institutional investors (FIIs) sold equity worth Rs 304.27 crore on Wednesday, and domestic institutional investors (DIIs) also offloaded shares to the tune of Rs 189.58 crore, provisional data available with stock exchanges showed.
Elsewhere in Asia, bourses in China, Japan and Korea were trading on a negative note in their respective early sessions.
Benchmarks on Wall Street too ended in the red in Wednesday's session.
On the currency front, the rupee appreciated 8 paise to 69.75 against the US dollar.
Brent crude, the global benchmark, rose 0.31 per cent to 68.08 per barrel.