The markets have opened on a sedate note in the absence of any clear-cut cues from the global front. The Sensex is quoting at 18143, higher by 28 points and the Nifty is at 5444, up five points. The mid-cap index is at 7523, higher by seven points and the smallcap index is at 9490, up 23 points.
The US stocks slipped on Tuesday as Dow component Procter & Gamble Co.'s lackluster results, coupled with weaker-than-estimated data on consumer spending and housing, prompted investors to exercise caution a day after the market's 2% rally. The Dow dropped 38 points, or 0.3% to 10,636, Standard & Poor's 500 Index shed 5.4 points, or 0.4% to 1,120 and Nasdaq Composite Index lost 11 points, or 0.5% to 2,283. And the Asian markets have been mixed in early trades; Hang Seng has added 59 points, while the Nikkei has shed 145 points.
IT stocks are in focus after IT major Cognizant reported stellar results and raised its guidance significantly. Infosys has gained 2.3% at Rs 2851 to emerge as the leading gainer on the BSE. TCS has added 1.5% at Rs 846 and Wipro has moved up by 0.6% at Rs 415. And in the broader IT space, HCL Tech strengthened by 0.8% at Rs 394 and Mphasis gained 0.8% at Rs 598.
On the loser's side on the BSE, M&M has weakened by 1% at Rs 646, ACC has lost 1% at Rs 821 and ITC has shed another 0.9% at Rs 152.
Meanwhile, the debutant Midfield Industries has listed at a premium of 20%, at Rs 159, against its issue price of Rs 133 per share. The stock has touched a low of Rs 153 and a high of Rs 165 thus far, with 1.23 million equity shares changing hands on the counter on the BSE. The company provides services to companies engaged in industries such as steel, aluminium, glass, copper, paper, automobile, white goods and refractory.
The market breadth is strong. Out of 1660 stocks traded on the BSE, there are 1043 advancing stocks as against 549 declines.