Cairn India made gains of more than 3 per cent on Tuesday upon the Bombay Stock Exchange (or BSE) in the initial trading hours, one day later to when it had stumbled upon an oil and gas discovery in the onland block in the KG Basin.

The shares of the company came up by 3.39 per cent in the weak broader market, up to a initial high of Rs. 355. On the broader National Stock Exchange, the scrip leapt by 3.33 per cent up to Rs. 355.

According to the senior market analyst the counter and even the volatile market was seen being taken a lot of buying interest into.

While on the other side, the Bombay Stock Exchange benchmark Sensex lost 0.30 per cent from his last close, at 18,353.43 points.

Cairn India, after making a discovery of an oil and gas block in the Krishna-Godavari Basin, and in its way of getting acquired by mining firm Vedanta Resources, received an award under the fifth New Exploration Licensing Policy (NELP-V) bidding round.