The Australian sharemarket Reported to achieve the some ground after hitting a three-month low on Friday, beating over half a per cent as bargain hunters picked up beaten down resource stocks.

It registered a moderate rise by early afternoon today, reporting a benchmark S&P/ASX 200 index up 31.9 points, or 0.71 per cent, at 4546 while the broader All Ordinaries index gained 30.5 points (0.67 per cent) at 4563, following mild gains on Wall Street last week.

While, the March share price index reported a rise of 39 points at 4514 on 19,790 on the Sydney Futures Exchange.

Also, the mining sector continued to keep the bourse in the black, with BHP Billiton reporting a rise of 1.34 per cent to $40.08, while Rio Tinto jumped 76c (1.14 per cent) at $67.36.

Current President Ian Ashby was appointed to lead the miner's joint venture with Rio Tinto. Rio gained 1.41% to $67.54.

In the banking sector, ANZ fetched 9c to $20.99, Commonwealth Bank raised 56c to $53.23, National Australia Bank gained 13c to $25.44 and Westpac raised 28c to $22.89.

However, Hi-Fi reduced by 4.47 per cent to $19.20 as investors responds to news the retailer's Chief Executive, Richard Uechtritz, to retire. The company also posted a record first-half profit of $76 million.