The domestic stock market began trade on a positive note on Tuesday amid a firm trend in global equities and buying in index major Reliance Industries and ICICI Bank.

The 30-share BSE Sensex climbed 334.32 points to 57,963.27 in early trade. The broader NSE Nifty advanced 94.9 points to 17,083.30.

Among the Sensex stocks, Bajaj Finance, Titan, Reliance Industries, Bharti Airtel, UltraTech Cement, Asian Paints, ICICI Bank and Bajaj Finserv were among the major winners.

Tech Mahindra, Power Grid, HCL Technologies, ITC and Tata Motors were among the biggest laggards.

Also read: Stocks that will see action on March 21, 2023

In Asia, the Seoul, Hong Kong and Shanghai markets were trading higher. The US markets had ended in positive territory on Monday.

"A sharp rebound in the overnight US markets could buoy local market sentiment in early trade on Tuesday in the backdrop of US banking concerns, which are seen subsiding," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said in his pre-market opening quote.

The BSE benchmark had declined 360.95 points or 0.62 per cent to settle at 57,628.95 on Monday. The Nifty fell 111.65 points or 0.65 per cent to settle at 16,988.40.

"Tomorrow's Fed decision and commentary will be crucial," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Meanwhile, global oil benchmark Brent crude declined 1.03 per cent to $73.03 per barrel.

Foreign Portfolio Investors offloaded equities worth Rs 2,545.87 crore on Monday, according to exchange data.

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