Sales pressure on IT stocks such as Tata Consultancy Services, Infosys and HCL Technologies recovered early on Monday, with support in markets such as Reliance Industries, Kotak Mahindra Bank, HDFC Bank and HDFC. The Sensex was down 454 points.
As at 10:00 am, the Sensex was up 179 points at 60,238 and the Nifty 50 was up 75 points at 17,978.
Meanwhile, Asian stocks rallied in China on Monday, helping US stocks outperform future early losses.
Both the Nasdaq futures and the S&P 500 futures were down about 0.1 percent, but were higher than the initial period. The EUROSTOXX 50 futures were down 0.1 percent and the FTSE futures were stable.
Oil prices extended their bull run, and gains in the energy sector triggered inflationary concerns.
Back home, thirteen of the 15 sectoral benchmarks compiled by the National Stock Exchange traded higher by 2% on the Nifty Auto Index. Nifty banking, financial services, metals, private banking, consumer durables and oil and gas indices also rose 0.6-1 per cent.
On the other hand, the IT index was at a sectoral loss, with the index falling more than 3 per cent due to losses of TCS, Infosys, HCL Technologies, Tech Mahindra and Wipro.
Tata Motors topped Nifty gains, up 6% to a 52-week high of Rs. 407.45 per year.
Coal India rose 3 per cent to Rs 194 on the back of coal shortages in the country.
Reliance Industries rose after the country’s most valuable company announced two deals to buy solar energy on Sunday. Through Reliance New Energy Solar Limited (RNESL), Reliance Norway-based solar panel maker REC Solar Holdings is acquired by China National Bluestar (Group) Co. Ltd. for 40 per cent up to Sterling and Wilson Solar.
Maruti Suzuki, NTPC, Kotak Mahindra Bank, Eicher Motors, Power Grid, Hindalco, ONGC, UPL and Mahindra & Mahindra were also among the gainers.
On the other hand, TCS Nifty was at the top of the list with the stock falling nearly 6 per cent to Rs. Was 3,712. Wipro, Tech Mahindra, HCL Tech, Infosys, Bharti Airtel and HDFC Life are among the significant losers.
The overall market width was positive as 1,980 shares advanced while 886 declined on the BSE.