The Indian equity market opened higher on Monday on across-the-board gains led by metal, financials and auto stocks amid mixed global cues.

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At 9:15 am, the Sensex opened 0.77 percent, or 375.14 points higher at 49,253.68, while the Nifty50 index opened at 14,477.80, up 105.90 points, or 0.74 percent.

The market, however, soon turned negative with the Sensex and Nifty trading lower at 9:58 am.

Nifty Smallcap100 and Nifty Midcap100 indices were up 0.42 percent and 0.60 percent, respectively in the opening trade.

All the sectoral indices traded in the green in the opening trade with the Nifty Metal, Nifty Private Bank, Nifty Auto and Nifty Financial Services gaining over 1 percent each in the early morning session.

On the Nifty, UltraTech Cement, JSW Steel, HDFC, Axis Bank and Bajaj Finance were the top gainers, while Reliance Industries, PowerGrid Corporation, Infosys, Nestle India and Divi's Laboratories were the top index losers.

Shares of Reliance Industries fell over 2 percent after the company reported its Dec quarter earnings.

UltraTech Cement stock price rallied over 3 percent after the company’s consolidated net profit in Q3FY21 jumped to Rs 1,584 crore from Rs 711 crore while revenue increased to Rs 12,254.1 crore from Rs 10,439.3 crore, YoY.

On the global front, Asian shares were on the defensive on Monday as rising COVID-19 cases and doubts over the ability of vaccine makers to supply the promised doses on time soured risk appetite.

MSCI’s broadest index of Asia-Pacific shares outside Japan was barely changed at 718.72. The benchmark is below the record high of 727.31 touched last week but up 8.5 percent so far in January, on track for its fourth straight monthly rise. Japan's Nikkei fell 0.1 percent.

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