The market indices on Monday opened on a positive note, owing to gains recorded in the IT, pharmaceutical and automobiles sectors.

The BSE's Sensex rose by 103.61 points to 38,748.68, while Nifty traded marginally above 11,700 at 11,709.65.

Shares of Wipro rose by over six percent, a day after it bagged a ten-year engagement to provide a comprehensive suite of solutions and services to Lincolnshire, Illinois-based Alight Solutions LLC, a technology-enabled health, wealth, HR and finance solutions provider.

Among other top gainers are Bajaj Auto and Lupin, while ICICI Bank, Maruti Suzuki and Bajaj Finance incurred significant losses.

The Indian rupee gained in early trade, as it opened 19 paise higher at 70.80 per dollar.