Benchmark indices opened the day strong, as global cues remained robust and most of the Asian markets were trading with strong gains. The Sensex was higher by 125 points, while the Nifty was trading up by 41 points in early trade.
Shares in ICICI Bank moved higher after the lender said it completed the allotment of equity shares under its qualified institutional placement and raised about Rs 15,000 crore through the same.
Shares in ONGC gained ground even after reports that prices of natural gas in India are likely to be cut to $1.9-1.94 - the lowest in more than a decade - from October. Yes Bank, which was locked at the lower end of the circuit filter on Friday, was down another 4 per cent in trade.
Glenmark Pharma saw its shares rise after the company posted an over two-fold increase in consolidated net profit at Rs 254.04 crore for the quarter ended June. Banking stocks were mostly trading higher led by gains in HDFC Bank and ICICI Bank.
Stocks from the Nifty that lost ground were Reliance Industries, Tata Motors, Bharti Airtel and Tata Steel.
Meanwhile, Asian markets were trading with good gains led by the Hong Kong's Hang Sang and the Japanese Nikkei.