The markets have opened on a rather sluggish note after the stellar gains of the previous day. Dalal Street had zoomed more than 500 points on Monday as $1 trillion global emergency package to stabilise the euro had unleashed a rally across the global bourses. The Sensex is now quoting at 17295, lower by 35 points and the Nifty is at 5183, down nine points. The midcap index has edged higher by 0.3% at 7021 and the smallcap space is up 0.5% at 8995.
The US stocks registered their biggest one-day gain in over a year on Monday as an agreement on a $1 trillion emergency rescue package from the EU quelled fears a new credit crisis would derail European economies. The Dow Jones gained 404.71 points or 3.90%, Nasdaq Composite added 109.03 points or 4.81% and Standard & Poor's 500 rose 48.85 points or 4.40%.
Asian indices have also been trading sideways this morning. Nikkei was higher by eight points, Shanghai Composite was up 24 points and Hang Seng was down 66 points in early trades.
The top losers on the Sensex are DLF (weakened by 1.7% at Rs 298), Tata Power (lower by 1.4% at Rs 1315) and TCS (down 1.2% at Rs 760). And index heavyweight RIL has edged lower by 0.7% at Rs 1072.
On the other hand, Hero Honda has strengthened by 1.3% at Rs 1912, Cipla has extended its previous day's gains and is up 0.9% a Rs 323 and Jaiprakash Associates has added 0.4% at Rs 135.
And RNRL is seeing a bounceback of sorts after being hammered more than 25% post the SC verdict in the gas row. The ADAG stocvk is 3.5% higher at Rs 51.
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The market breadth is positive. Out of 1513 stocks traded on the BSE, there are 898 advancing stocks as against 563 declines.