Wall Street closed Thursday after recording a negative figure, but despite the fact, the Australian stock market managed to trade modestly higher throughout Monday, mainly on the back of investors indulging in some selective purchasing in stocks of energy firms, information technology and consumer staples, among others.

In early trades, the benchmark S&P/ASX 200 index had slipped to 4,862 points, but it managed to rise to 4,888.7 points and is presently up by 11.4 points or 0.3% at 4,882.

A rise of 11.3 points, or 0.2%, has been recorded by the broader All Ordinaries index, which is currently trading at 4,894 points.

Thursday, which was last week's final trading session, recorded a rise of 37.3 points or 0.77% for the S&P/ASX 200 index which was at 4,870.6 points. The All Ordinaries, on the other hand, ended higher by 35.7 points at 4,882.7.

Commonwealth Bank of Australia and National Australia Bank has recorded marginal gains as far as the banking stocks go, and miners BHP Billiton and Rio Tinto are also higher than before. All these stocks are in the positive territory.

The Australian Dollar is also modesty higher as compared to the US Dollar.