The IIP data for the month of May would set the tone of the markets for the session.
Meanwhile, weak IIP numbers, slowdown in the progress of monsoon amid ongoing crisis in Greece has dampened the sentiments.
At 2:05 PM, the Sensex and Nifty are trading 308 points and 80 points higher at 27,663 levels and 8,464 levels, respectively.
In the broader market, BSE Midcap and Smallcap indices are trading higher by 0.3% each.
Key developments
Europe is still struggling to strike a deal with Greece to keep the country in the euro zone.
However, Greece was told on Sunday it wouldn't get the massive bailout it urgently needs unless it commits to the economic reforms and depicts it can deliver them.
Caution continues to prevail on the bourses after Fed Reserve Chair, Janet Yellen maintained her stance for an interest-rate hike this year at a speech in Cleaveland.
The index of industrial production (IIP) for the month of May stood in at 2.7%, dropping from 4.1% owing to a sharp fall in capital goods and consumer goods data.
Crude
Oil prices fell Monday as Iran and global powers appeared close to a historic deal that would loosen sanctions in exchange for curbs on Tehran's nuclear program.
Rupee
The rupee depreciated by 7 paise to trade at 63.46 against the dollar on fresh demand from importers and gains in the American currency against major currencies globally.
Stock trends
On the sectoral front, BSE Metal, Realty, Bankex, Capital Goods indices are trading lower between 0.2-1%.
However, BSE Healthcare, IT, Oil & Gas indices are trading higher up to 1%.
Gail has gained 3% after media reports stated that the company has launched a tender to buy to liquefied natural gas (LNG) cargoes for prompt delivery, linked to demand for gas by various local fertiliser companies.
Defensive stocks are trading firm in today’s trade on the back of a weak rupee.
Sun Pharma, Cipla, Lupin, Dr Reddys’s Lab from the healthcare pack and TCS and Wipro from the IT space are trading higher up to 1.5%.
M&M plans to raise up to Rs. 5000 crore through issuance of securities on private placement basis in local and global markets after an approval from its shareholders.
The stock is up 0.6% According to a top official from Vedanta, the company will be closing the merger deal with Cairn India by March 2016. Vedanta is down 1% while Cairn India is down 2%.
Foreign brokerage, CLSA maintained its buy call on Maruti Suzuki for target price of Rs 4,450 per share.
The stock is up over 1%. Capital Goods shares are taking a beating in today’s trade on the back of weak IIP numbers. L&T, BHEL are down 1%.
Euro zone clinches deal with Greece after all-night haggle
Govt to pay Rs 12/litre kerosene subsidy, full for LPG
Champions Djokovic, Serena show off their footwork at Wimbledon ball