Mumbai, Jul 15 (IANS): Sensex opened above the 39,000 mark on Monday, advancing on the back of gain made by IT major Infosys over its strong quarterly earnings.

Infosys was the top gainer during the early trade, with over 5 per cent gain as the benchmark index, Sensex, at 10.12 a.m. was trading 106.62 points higher at 38,842.85.

The Sensex opened over 250 points higher on Monday after one of the poorest week of trade after the Budget failed to cheer investors sentiments.

In just 6 sessions since the Union Budget was proposed, FIIs offloaded Rs 2,937.53 crore worth of shares, as it proposed a higher surcharge on the super-rich impacting most FPIs.

The Sensex opened at 39,009.95 from its previous close of 38,736.23 on Friday while the broader Nifty also was up by 16.90 points or 0.15 per cent at 11,569.40.

The Allahabad Bank fell over 11 per cent during the early trade after the bank said it has been defrauded of Rs 1,774.82 crore by Bhushan Power & Steel Ltd (BPSL).

The troubled Housing lender DHFL hit lower circuit after poor quarterly results following several dafaults and downgrades.