Reuters Market Eye - The BSE Sensex is up 0.21 percent while the 50-share Nifty is 0.17 percent higher.
Asian shares rebounded on Tuesday from the previous session's steep falls, although losses in safe-haven assets were limited, and as investors remained wary over a bailout plan for Cyprus set to face a parliamentary vote later in the day.
All eyes are now on the Reserve Bank of India's policy review later in the day and expectations are the central bank will lower interest rates by 25 basis points.
However, a separate cut in the cash reserve ratio, or a higher-than-expected rate cut can bolster market sentiment.
Rate-sensitive sectors leading the gains: ICICI Bank up 1.8 percent, Tata Motors gains 1 percent and property developer DLF up 1 percent.
(Reporting by Manoj Dharra)
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