Markets gain in morning trades

Markets have predictably opened on a soft note this morning. The Sensex opened at 20,845 - down three points. The index has now recoevred and is up 66 points at 20,919.

Nifty is up 20 points at 6,293.

Global markets are weak. US markets edged lower on Monday. The Dow and S&P 500 slipped 0.3% each to 11,407 and 1,223, respectively. Nasdaq ended flat at 2,580. Investors turned to commodities as worries of inflation continued.

Markets in Asia are trading on a subdued note. The Shanghai Composite has dropped 0.5% while the Hang Seng has declined 0.7% in morning trades. Nikkei is down 0.4% on profit taking by investors after its good run for the past four sessions.

Back home on Monday, markets had seen some profit booking after touching a record closing high the previous week. Banking and technology stocks fell while realty and metal stocks saw moderate buying.

Most of the sectoral indices are trading on a flat note. The auto index has, however, gained 0.5% to 10,333. Tata Motors, Apollo tyres, M&M and Ashok Leyland are among the big gainers.

Today, "healthcare and FMCG sectors may outperform while the  IT space looks weak", says SMC Global Research.

Leading public sector bank, SBI, declared its quarterly numbers yesterday The net profit declined 22.5% to Rs 2,363 crore. The stock is down 3% at Rs 3,321.

Heavyweights like Tata Motors, Hindalco and Apollo Hospitals will be announcing their numbers today. Tata Motors is up nearly 2% at Rs 1,290.

Among FMCG stocks - Hindustan Unilever has continued yesterday good run. The stock is up 1.4% at Rs 310.

Metal stocks - Sterlite, Hindalco and Tata Steel have added 1.2% each.

Jaiprakash Associates, Bharti Airtel, ONGC and Reliance Communications are up in trades.

However, HDFC and Tata Power are trading red with marginal losses.