Equity benchmarks recouped opening losses, with the Sensex reclaiming 31,000 level and Nifty 9,600.
Index heavyweights HDFC (up 2.3 percent), Reliance Industries (up 1.6 percent), HDFC Bank (up 1.06 percent) and ITC (up 0.3 percent) were top contributors to index gains.
The 30-share BSE Sensex was up 80.70 points at 31,108.91 and the 50-share NSE Nifty rose 22.55 points to 9,617.65.
About two shares advanced for every share falling on the BSE.
Tech Mahindra lost over 12 percent intraday as investors reacted negatively to the company’s results.
The IT services major posted a consolidated net profit for the March quarter at Rs 589.7 crore, a fall of 30.2 percent against Rs 845 crore quarter on quarter.
A poll of analysts by CNBC-TV18 had pegged the net profit at Rs 788 crore.
The company’s consolidated rupee revenue came in around a percent lower at Rs 7,495 crore against Rs 7,557.5 crore QoQ.
Meanwhile, its dollar revenue came in higher by over a percent at USD 1,131.2 million against USD 1,116.1 million posted during the previous quarter.
Brokerages too had a negative outlook on the stock.
Equity benchmarks have seen correction in early trade Monday due to profit booking after hitting record highs in previous week. Weak earnings from Sun Pharma and Tech Mahindra also hit market sentiment.
The 30-share BSE Sensex was down 154.11 points at 30,874.10 and the 50-share NSE Nifty slipped 43 points to 9,552.10.
Sun Pharma and Tech Mahindra crashed around 8 percent post disappointing earnings. ITC, ONGC, M&M, ICICI Bank and Infosys were other early losers while BHEL, Cipla, Tata Motors, Wipro, Lupin, Vedanta, Dr Reddy's Labs, BPCL and Aurobindo Pharma were gainers.
The Indian rupee has opened at 64.48 against the US dollar.
Pramit Brahmbhatt of Veracity feels positive cues from the equity market will help rupee gain further and test 64.20 level.
He expects the USD-INR pair to trade in a range of 64.20-64.80 against the US dollar.
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