Indian shares rose on Monday, boosted by information technology stocks, while automaker Mahindra & Mahindra led gains on the back of posting a quarterly profit last week.

By 9:31 am, the blue-chip NSE Nifty 50 index climbed 0.39% to 16,300.95 and the benchmark S&P BSE Sensex rose 0.39% to 54,487.42.

The Nifty IT index advanced the most among sectoral indexes and was up 1.1% in early trade. The sub-index gained 2.7% last week.

Mahindra and Mahindra Ltd shares were up 2.5%. The company reported a profit for its first quarter on Friday before markets closed, as demand for the Indian automaker’s passenger vehicles and tractors improved.

Industrial machine parts maker Rolex Rings is set to make its market debut later in the day.

Benchmark indexes in the United States closed at record highs on Friday following strong jobs data, while broader Asian shares inched lower early on Monday amid sharp losses in gold and oil prices.