Markets opened firm on Monday with the BSE Sensex gaining 105 points or 0.64 percent. It is trading at 16,521 levels.
Broader market benchmark Nifty has also advanced 16 points or 0.3 per cent, at 4886 levels.
Buying is evident in IT, consumer durables and metal counters.
"Nifty has witnessed a slow erosion in the past few days and this would continue till it hits 4900 levels. Thereafter, there may be an upside price correction at 5050 levels,” said Technical Analyst & Derivative Strategist, VK Doshi. He further pointed out that technology and metal stocks would maintain their uptrend and capital goods may also bounce back after some value decline.
Infosys at Rs 2006 gaining 49 points or 2.5 per cent is the biggest gainer among the BSE-30 scrips. Other major gainers in this pack are Satyam, Wipro and Maruti.
The other Asian markets are trading mixed. Hong Kong's Hang Seng and Japan's Nikkei are in the green turf by over 0.6 per cent each whereas South Korea’s Kospi is in the red by 0.2 per cent.
IT gains, Banking recovers
BSE IT up by 1.9 per cent or 90 points is the biggest gainer among the sectoral indices. Satyam, NIIT and Wipro are the biggest gainers in this pack. Banking also made a comeback in the early deals, gaining 0.6 per cent. SBI, Indian Overseas Bank and Andhra Bank being the major gainers in the sector.