It was a steady start for the sharemarket as the Sensex surged over 100 points in early trade led by gains in ITC, ICICI Bank, ONGC and Reliance Industries.Supreme Court says there is no merit in Sahara’s plea for Subrata Roy’s bail. The court has also asked Sahara to come up with new proposals to refund investors.

Gujarat Pipavav (up 5.74%), Bajaj Electrical (up 5.14%), SKS Microfinanc (up 5.14%), Radico Khaitan (up 4.97%) and Rajesh Exports (up 4.82%) were top gainers in the BSE Midcap index. On the losing side, Risa International (down 4.5%), Jubilant Life (down 3.34%), Hind Nat Glass (down 2.71%), Tube Investment (down 2.66%) and ABG Shipyard (down 2.24%) were top losers.

“Given that the credit cycle is not close to a peak, it’s quite possible that the Fed will allow a full-blown stock market bubble to form, Yellen’s protestations notwithstanding,” says Edward Chancellor of GMO in his quarterly newsletter.

Piramal Enterprises posted a consolidated net loss of Rs 311.35 crore for the fourth quarter ended March 31, 2014, due to higher finance costs.The company’s board approved a dividend of Rs 52.50 per equity share. The stock was up close to 6 percent in morning trade on special dividend announcement.

Shares of Canara Bank fell 3 percent intraday on Tuesday as its March quarter earnings were disappointing. The state-owned bank’s net profit fell 15.8 percent (Y-o-Y) to Rs 610.83 while total income of the bank increased to Rs 11,609.72 crore.

The Sensex was up 115.70 points or 0.52 percent at 22560.82, and the Nifty was up 31.65 points or 0.47 percent at 6731.00. About 922 shares advanced, 540 shares declined, and 63 shares remain unchanged. Top gainers in the Nifty were DLF (up 2.70 percent), ICICI Bank (up 1.66 percent), ITC (up 1.52 percent), ONGC (up 1.40 percent) and ACC (up 1.39 percent) Jindal Steel (down 1.64 percent), Hindalco (down 1.22 percent), Bajaj Auto (down 0.71 percent), Maruti Suzuki (down 0.7 percent) and TCS (down 0.67 percent) were top losers.