MARKET UPDATE: Sensex gains 134 points, trsding at 60,239, while the Nifty50 atop 17,900 levels

Sector-wise, the gains were largely across-the-board with only the Nifty Metal and Bank indices trading with mild cuts. The Nifty IT index, meanwhile, was the top gainer, up 0.7 percent.

Among individual stocks, shares of RailTel Corporation gained 3 percent amid reports that the government will invite Expressions of Interest (EoI) for privatising Concor this month.

Those of IIFL Wealth Management climbed 2.6 percent as the Board is scheduled to consider a stock split and the issue of bonus shares in its board meeting on January 19, 2023. Eighteen companies, including Infosys, Cyient, and HCL Technologies will announce their December quarter results during the day.

Bengaluru-based IT giant Infosys is expected to report muted revenue growth in the quarter due to higher furloughs and fewer large deals. However, the firm's operating margin could improve from 10-40 basis points (bps) to up to 21.9 percent sequentially aided by a weakened rupee, lower attrition, and higher optimisation.

Meanwhile, HCL Technologies is likely to clock up to 6 percent revenue growth quarter-on-quarter (QoQ) to Rs 26,214 crore from Rs 22,331 crore in Q2FY23, analysts estimate. As per five brokerage estimates, analysts peg EBIT margins to see an uptick in the range of 53-60 basis points (bps) QoQ to 18.5 per cent.