Infosys Ltd provisionally rose 2.8 percent, while Oil and Natural Gas Corp Ltd fell 2.15 percent, ahead of the 2013/14 budget to be presented on Thursday.
The Sensex provisionally ended flat, barely above its lowest close since December 24 hit on Friday.
The Nifty ended up 0.08 percent.
Markets @ 11.30 AM (Reuters)
The Sensex gains 0.27 percent, rebounding after hitting its lowest close since December 24, 2012 on Friday. The Nifty is also up 0.25 percent.
Infosys Ltd gains 2 percent, while Tata Consultancy Services Ltd is up 1.3 percent on hopes of incentives for exporters in the 2013/14 budget to be unveiled on February 28.
Shares in non-banking financial companies gain on Monday after the central bank issued guidelines allowing any business sector to apply for banking licences.
Mahindra and Mahindra Financial Services gains 5.6 percent, while IDFC Ltd is up 1.7 percent.
However, Oil and Natural Gas Corp falls 0.8 percent on expectations of higher oil subsidy burden from the 2013/14 budget, say dealers.