The Indian rupee opened at 59.12 against the US dollar in early trade, as of 11:45 am on Monday. The rupee closed at 59.09 per dollar on Friday.

At 11:45 am on Monday, Sensex rose to 24493.436 points gaining 276.09 points. Nifty also increased to 7313.20 points gaining 84.00 points during early trade. 

BSE top gainers on Monday morning, at the time of reporting, are Larsen, BHEL, ONGC, Maruti Suzuki and Bharati Airtel.

NSE top gainers are Larsen, BPCL, NMDC, Jindal Steel and Power Grid Corp.

The rupee is expected to rally to 55/dollar on reforms boost by new Government. India's growth story to remain strong and rupee appreciation will lead to lower inflation, lesser ambiguity, says brokerage house YBS to

Larsen & Toubro (L&T) shares surged 6.8 percent in early trading on Monday morning after the company's fourth-quarter revenue beat analyst estimated with an increase of 69 percent, by a sudden growth in revenue from its infrastructure and heavy manufacturing businesses, and gain from selling off subsidiary business investments.

Net profit from continuing businesses was 27.23 billion rupees ($461 million) in January-March, compared to the 16.1 billion rupees a year earlier, L&T said in a statement on Friday.

L&T shares were up nearly 5 percent at 1622 rupees as of 9:21 am on Monday.

Meanwhile, a long-lasting delay in output from mines, utilities and factories has severely affected the development in industrial sector. In India, manufacturing productivity, which accounts for about 16 percent of the overall economy, has been suffering of late.

India's stock market is expected to scale high as the new Modi government took over last week giving the market the much-needed push for a quick revival.

(With inputs from Reuters)