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Benchmark indices have trimmed early gains and are trading marginally higher amid volatility.
By 1030, Sensex gained by 52 points at 19,482, and the Nifty up 14 points at 5,895 levels.
On the global front, Japan's Nikkei share average rebounded sharply on Monday, departing the bear market territory it reached last week, after a strong Wall St showing, a weaker yen and upbeat revisions of economic data boosted confidence.
The Nikkei rose 3% to 13,265.22 at the midday break. The market was also buoyed by short-covering on exporters after the yen pulled back from a two-month high against the dollar.
Back home, the rupee dropped to a record low in early trade on Monday tracking gains in the US dollar after disappointing data from China and slightly better-than-expected US jobs data.
Traders are on watch of any intervention from the RBI. There has been little indication the Reserve Bank of India has intervened to prevent rupee weakness in recent sessions, according to traders.
On the sectoral front, BSE IT, Capital Goods, TECk and Auto indices have gained by nearly 1% each. However, BSE Healthcare and Consumer Durable indices have declined by nearly 1% each.
IT majors like Wipro, TCS and Infosys have gained between 1-2% on the back of a weakening rupee.
Auto majors like M&M, Bajaj Auto and Hero Moto have gained over 1% each.
Other notable gainers are Tata Steel, L&T, NTPC, SBI, Hindalco and ITC.
On the losing side, Sun Pharma, Jindal Steel and Bharti Airtel have declined between 1-2%.
Among other shares, VA Tech Wabag is trading higher by 2% at Rs 459 after the company said it has won an order worth Rs 114.85 crore from Chennai Metropolitan Water Supply and Sewage Board.
Cinemax India is locked in upper circuit of 10% at Rs 125 on BSE on merger with the multiplex chain operator PVR.
Educomp Solutions has dipped 5% to Rs 38.85, also its 52-week low on the Bombay Stock Exchange (BSE). The stock has underperformed the market by falling 38% in past eight trading sessions on BSE compared 3.3% fall in benchmark index Sensex after reporting disappointing fourth quarter results.
The market breadth in BSE remains positive with 1,067 shares advancing and 549 shares declining.
