The Indian market edged higher in the afternoon session on Tuesday, with the Sensex trading at 38114.03, up 82.90 points and the Nifty trading higher by 23.20 points at 11369.40 at around 1:40 PM.

Share Market Live

NSE

In the broader market, the Nifty Midcap 100 index fell 0.29 percent at 12:51 PM while the Nifty Smallcap 100 index gained 0.44 percent.

Power Grid Corporation, Titan, Asian Paints, ITC and Kotak Mahindra Bank were the top gainers in the afternoon session while HDFC, Indiabulls Housing Finance, Adani Ports, SBI and HDFC Bank remained the top laggards.

Nifty PSU Bank was trading lower followed by Nifty Metal and Nifty Financial Services.

Shares of Kotak Mahindra Bank gained 2 percent after the lender's standalone profit for Q1 grew 32.7 percent year-on-year (YoY) to Rs 1,360.2 crore driven by lower provisions and higher net interest income.

YES Bank shares slipped more than 4 percent intraday after promoter Rana Kapoor pledged his entire holding of 4.31 percent.

TVS Motor also plunged over 5 percent intraday after the auto major reported a decline of 5.5 percent in its consolidated net profit for the June quarter.

Meanwhile, Asian shares traded higher on expectations that the European Central Bank and Federal Reserve will cut interest rates.

In Asia, Japan's Nikkei rose 0.95 percent while MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.04 percent.

Catch all the latest and live updates here on CNBC TV18 Market Live Blog.

Disclaimer: CNBCTV18.com advises users to check with certified experts before taking any investment decisions.