Mumbai, May 10 (IANS): The Indian stock market rose on Monday with the BSE Sensex closing above the 49,500 mark.

Healthy buying was witnessed in metal and healthcare stocks.

The Sensex settled at 49,502.41, higher by 295.94 points, or 0.60 per cent, from its previous close of 49,206.47 points.

It had opened at 49,496.05 and touched an intra-day high of 49,617.47 and a low of 49,412.05 points.

The Nifty50 on the National Stock Exchange closed at 14,942.35, higher by 119.20 points, or 0.8 per cent, from its previous close.

"The markets have closed well above the 14,700 levels. The Nifty should be headed to 15,200-15,250 with strong support at 14,700. Any dip or correction can be utilised by traders to buy into this market for higher targets," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.

The top gainers on the Sensex were Larsen & Toubro, Tata Steel, and Sun Pharmaceutical Industries, while the major losers were UltraTech Cement, Infosys, and Reliance Industries.