Among the gainers in trade from the Nifty were Grasim and Ultratech Cement, both Aditya Birla Group companies. In fact, Grasim was up a huge six per cent in early trade. Other notable Nifty winners were Sesa Sterlite, DLF and Coal India.
Gail India was up on hopes of offering some 2.5 million tonnes of liquid gas from the US at a dollar less than imports from Qatar.
Nifty losers in early trade were once again from the software pack including names like Infosys, Wipro and Tata Consultancy Services.
ONGC which had rallied as much as 10 per cent on Friday, lost two per cent in early trade. Banking stocks continued to find buyers with notable gainers being IndusInd Bank, Federal Rank and Yes Bank.
Mid cap stocks where all the attention has been in the last few days continued to rally in trade. Among the gainers from the space were Unitech, which rallied a huge 11 per cent, while other notable winners were Power Finance and GMR Infra.
IDBI Bank gained in trade on its proposed fund raising plans. Meanwhile, Asian markets were all trading higher following strong closings across the US markets on Friday.