Sensex, Nifty opened higher for the sixth straight session with Nifty reclaiming 11,500 levels on Monday following Asian Markets that advanced ahead of US Federal Reserve meet starting tomorrow. The investors expect the US Fed to maintain its dovish stance at the policy meet.

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At 9:20 am, the S&P BSE Sensex was trading at 38,293, up 269 points, while the broader NSE Nifty50 was ruling at 11,498, adding 72 points. Meanwhile, broader markets were in-line with the frontline indices with the Nifty MidCap rising 0.4 percent and Nifty Smallcap gaining 0.5 percent.

Kotak Bank, Powergrid, IndusInd Bank, M&M, and HDFC Bank were top gainers on BSE Sensex while, Maruti Suzuki, Vedanta, Sun Pharma and NTPC were top losers in the index.

Nifty Bank hit a record high, hitting 29,700-level for the first time ever led by Kotak Bank, Axis Bank, HDFC Bank, IDFC First Bank and ICICI Bank.

Among stocks, Maruti Suzuki was the biggest loser on BSE Sensex, down nearly 2.5 percent on reports that the company has cut 25 percent of its production.

Grasim Industries fell 2 percent after the Aditya Birla Group firm on Saturday said that it has received Rs 5,872.13 crore tax demand from the Income Tax department with respect to its merger with Aditya Birla Nuvo and Aditya Birla Financial Services.

Mindtree gained 1.5 percent as L&T attempts a hostile takeover of the company. The company's board is also supposed to meet on March 20 will consider the proposal of a buyback.

Bandhan Bank fell 2.5 percent after the bank on Friday said it has received no objection from the Reserve Bank of India (RBI) for the proposed acquisition of Gruh Finance.

Globally, Japan's Nikkei led the way with a rise of 0.56 percent, and MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.35 percent. Shanghai blue chips firmed 0.8 percent.

(With Reuters Inputs)