 "Markets edge higher on BoJ easing hopes")
Meanwhile, news reports showed Japanese government is likely to nominate Asian Development Bank President Haruhiko Kuroda and Kikuo Iwata, both vocal advocates of aggressive monetary expansion, as BOJ governor and deputy governor.
At 11:30AM, the Bombay Stock Exchange's 30-share index Sensex rose 35 points to trade at 19,352 while the National Stock Exchange's 50-share Nifty added 11 points at 5,861.
Investors, however, traded cautiously ahead of Union Budget this Thursday with government planning to cut the public spending target for fiscal 2013 by up to 10 percent from this year's original target,
Globally, Asian markets such as Japan's Nikkei gained 2% to 11,617, Hong Kong's Hang Seng rose 0.15% to 22,816, Singapore's Straits Times was up 0.14% to 3,293, while China's Shanghai Composite gained 0.12% to 2,322.
Back home, IT, auto, power, consumer durable sectors gained while FMCG, real-estate, oil & gas, PSU, capital goods setors led drop on BSE.
Among key Sensex stocks, Infosys, Wipro and TCS rose 2-3% respectively, Tata Motors gained 2.3% while Maruti Suzuki is up 1%, SBI and ICICI Bank rose 1% on BSE.
Among losers, Coal India declined 1.7%, Cipla fell 1.6%, Reliance Industries and Bharti Airtel dropped 1%, HUL declined 0.5% on BSE.
The other key notable movers include, Infosys is trading higher by 3% to Rs 2,911, after IT bellwether unveiled a central processing centre at Ghaziabad in Uttar Pradesh to enable the income tax department to efficiently administer tax deduction at source (TDS).
KSB Pumps has soared over 8% to Rs 201 after reporting 21% year-on-year (YoY) jump in net profit at Rs 19.54 crore for the fourth quarter ended December 31, 2012 (Q4) despite of fall in operational income.
The broader markets traded positive with mid-caps and small-caps gaining 0.2-0.3% on BSE.
The market breadth is positive. Out of 2,315 stocks traded, 1,162 stocks gained compared to 1,041 declines on BSE.