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Markets have opened higher tracking positive Asian cues along with IT and capital goods shares ledaing the gains. By 9:35, the Sensex was higher by 93 points at 19,523 levels and the Nifty gained by 32 points at 5,913 mark.
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.
The gains may be capped later in the day on concerns that a weakening rupee may induce foreign institutional investors to reduce their holdings in large caps.
Benchmark US share indices surged over 1.3% on Friday after May jobs data which came in line with expectation eased investors' concerns that the Federal Reserve would soon begin reducing it stimulus measures. The Dow Jones Industrial Average ended up 207 points or 1.4% at 15,248. S&P 500 ended up 21 points or 1.3% at 1,643 and Nasdaq Composite ended up 45 points or 1.3% at 3,469.
Stocks in Asia were trading higher in early trades on Monday but investors remained cautious over China growth concerns. The Nikkei rebounded from its sharp correction last week and was up over 3%. Strait Times, Hang Seng and Taiwan have gained by 1% each.
Back home, BSE Power, Realty, Capital Goods, Metal, IT and PSU indices have gained by nearly 1% each. Apart from Consumer Durable and Healthcare, all the major BSE sectoral indices are trading in green zone.
IT majors like Wipro and Infosys have gained by 1% on the back of a weakening rupee.
Capital Goods majors like BHEL and L&T have gained by 1% each.
Other notable gainers are NTPC, Bajaj Auto, Coal India, Tata Steel, Infosys, Bharti Airtel and M&M.
The market breadth in BSE remains positive with 657 shares advancing and 270 shares declining.
