Benchmark indices opened the day higher as global markets staged a good comeback, following the strong US jobs data.
The Sensex was trading with gains of 121 points, while the Nifty rallied 38 points in early trade. Leading the set of gainers in trade were stocks from the banking space including the likes of ICICI Bank, Axis Bank, State Bank of India and IndusInd Bank.
IT Stocks saw some buying support as the rupee had last week fallen significantly against the dollar in trade. TCS, Infosys and HCL Tech were among the gainers in trade.
Titan Industries gained ground after reports that Tata Sons would hike a stake in the company. J K Tyres was facing selling pressure after reports that its plant in Sriperumbadur had suffered production losses.
Tata Motors was trading higher after reports that the Group has lined up a slew of initiatives, including tripling of sales network.
Mid cap stocks also saw some buying interest with stocks like Apollo, Voltas and Wockhardt among the early gainers.
Meanwhile, markets across Asia were trading with gains led by the Japanese Nikkei, Korean Kospi and the Singapore Strait Times.