The sharemarket is slightly higher as FM P Chidambaram begins his Vote on Account speech. Chidambaram is likely to announce some sops in the interim budget for fiscal 2014-15 to be presented in Parliament. The Sensex is up 56.21 points at 20423.03, and the Nifty up 13.90 points, at 6062.25. About 1000 shares have advanced, 909 shares declined, and 127 shares are unchanged.

Chidambaram is also likely to highlight the Congress party-led United Progressive Alliance government’s achievements and outline the vision for the future. The main budget for the financial year 2014-15 will be presented by the new government that will come into power after the general elections due by May.

Tata Power, Dr Reddy’s Labs, HDFC, Axis Bank and ONGC are top gainers in the Sensex. Among the losers are Coal India, Hindalco, Bajaj Auto, Sun Pharma and Reliance.

Meanwhile, gold hit fresh three-month highs on Monday, adding to gains after posting its biggest weekly rise in six months, as fears over US economic growth and a weaker dollar sent investors seeking the safe-haven metal.

US manufacturing output unexpectedly fell in January, recording its biggest drop in more than 4-1/2 years, as cold weather disrupted production in the latest indication the economy got off to a weak start this year.