The Indian markets are trading with a positive bias in early trades today tracking firm global cues. The BSE Sensex is firm at 15,719, up 201 points and the Nifty is at 4,695, up 58 points.
Analysts expect most Asian markets to move higher today, following the European bourses in a technical rebound after heavy selling pressure last week. Germany's DAX rose 2.89 per cent, while the CAC 40 added 1.98 per cent on Monday.
Many of the regional bourses were closed on Monday for the New Year holiday, including Australia, China, Hong Kong, Japan, Malaysia, New Zealand, the Philippines, Singapore, Thailand and Vietnam. Most of these will return to action on Tuesday, although New Zealand, China and Thailand remain closed until Wednesday.
Back home, technical analysts say that the Nifty is likely to face resistance around 4,660 – 4,675, and may seek support around 4,615 – 4,600 levels. At 720 am Indian Standard Time, the SGX Nifty was trading at 4,673 levels; up 22 points.
On the sectoral front, in an extremely positive environment, BSE Consumer Durables, Oil & Gas and IT indices are leading the gains, having advanced nearly 1% each.
Mahendra Exports, VIP Industries, Bajaj Electricals and Titan Industries, up 2-3% each, are the notable gainers from the Consumer Durbales space.
Cairn India, Essar Oil, Gail India and Reliance Industries (RIL), up 1-2% each, are the prominent gainers from among the Oil & Gas stocks. Meanwhile, according to reports, a unit of RIL plans to invest more than Rs 1,500 crore in media group TV18's two main companies through proposed rights issues, a business daily reported.
Mphasis, Tech Mahindra, Financial Technologies and Oracle Financial Services, up 1-2% each, are the notable gainers from the IT space.
The main gainers on the Sensex are Coal India, DLF, Jindal Steel, Tata Power, Tata Motors, Hindalco, L&T and Tata Steel.
However, shares of oil marketing companies have lost ground after postponement of hike in petrol prices. BPCL, HPCL and IOC have slipped 1.5-2%.
Among individual stocks, IVRCL and Larsen & Toubro have advanced nearly 2% each, on bagging orders worth 732 crore and 2,056 crore, respectively.
Network 18 has shot up 11% as sources reports that Reliance will invest Rs 1,500 crore in TV18 group.
Other media stocks like NDTV and Deccan Chronicle rose between 3-5%.
Ashok Leyland gained 2.5% as the company reported a rise of 28% in total sales for December at 9,088 units as compared to the previous month.
The overall market breadth is positive as 1,408 stocks have advanced against 1,259 declining ones, on the BSE.