The Indian market opened higher for the third consecutive session on Thursday following gains in the global markets on the US Federal Reserve's decision to cut interest rates by a quarter of a percentage point. Realty, PSU banks, and media stocks contributed the most to the rally.

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Nifty Realty index traded 1.73 percent higher followed by Nifty PSU Bank (1.68 percent) and Nifty Media (1.28 percent).

Broader indices too performed well with Nifty Midcap 100 index up 0.42 percent and Nifty Smallcap 100 index up 0.50 percent.

The Sensex opened 178.15 points or 0.44 percent higher at 40,230.02 while the Nifty50 opened 47.90 points or 0.40 percent higher at 11,892.

Zee Entertainment, Infosys, SBI, Britannia and Dr Reddy's Laboratories were the top gainers while YES Bank, Bharti Infratel, Tata Motors, Bharti Airtel and GAIL remained the top laggards during the early morning session.

State Bank of India's shares rose 3 percent on Thursday after CLSA maintained its 'buy' call on the stock.

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