Indian shares consolidated gains in morning trades on Wednesday on hopes of policy easing by Bank of Japan to boost growth in world's third-biggest economy .
Buying was witnessed in index heavy-weights such as Reliance Industries along with Tata Motors after Credit Suisse and CLSA upgraded their ratings on the car-maker.
Trading was, however, cautious ahead of the Oct-Dec earnings starting this Friday.Infosys, the bellwether stock of Information Technology index, will unveil its third quarter performance amid fear software maker may cut its revenue guidance for the next quarter.
At 10:30AM, the 30-share Sensex of the Bombay Stock Exchange gained 46.30 points and traded at 19,790.56 and the 50-share Nifty rose9 points at 6,009.90 .
Global risk appetite was weak as investors were closely monitoring the earning results of companies globally.
Meanwhile, China’s trade data for December along with European Central Bank policy meet on Thursday will also weigh on sentiments of the investors.
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Asian markets too traded flat with a positive bias. Hong Kong's Hang Seng gained 0.3% to 23,180, Taiwan's Weighted index rose 0.3% to 7,745, Singapore's Straits Times was up 0.24% to 3,213 . Also China's Shanghai Composite gained 0.1% to 2,277 while Japan's Nikkei rose 0.5% to 10,559.
On the domestic front, barring consumer durables & FMCG, all sectors indices gained. Auto, healthcare, real-estate, metals, technology, power, IT led gains on BSE.
Among key Sensex stocks, laggards included ITC declining 0.7%, Wipro shedding 0.3%, HDFC dropped 0.7% while ICICI Bank declined 0.03% on BSE.
The gainers included Tata Motor and Mahindra & Mahindra gaining 3.3% and 0.3% respectively, pharmaceuticals stocks such as Cipla and Sun Pharma rising 1%, while among metals Hindalco and Sterlite gained 0.5% and 0.2%. Infosys rose 0.6% and Reliance Industries was up 0.7% on BSE.
The other key notable movers include, Chemfab Alkalis soared 17% to Rs 89.95 after reporting over two-fold jump in net profit at Rs 6.86 crore for the third quarter ended December 2012 (Q3) on the back of higher sales.
The broader markets gained with mid-caps and small-caps rising 0.4-0.5% on BSE.
The market breadth was negative. Out of 2,140 stocks traded, 1,375 stocks advanced compared to 669 declines on BSE.