The markets are likely to start the new week on a positive note, thanks to the strength in the auto and IT pack. The Sensex is quoting at 19,946, higher by 81 points and the Nifty is at 5966, up 17 points as we move into the final hour of trade. Infact, the BSE benchmark had momentarily regained the 20k mark to hit a high of 20,006 in noon trades before inching below the psychological mark. The broader markets are also trading firm, with BSE mid-cap index adding 10 points at 7578 and small-cap index adding 55 points at 9239.
The session had begun on a shaky note after the stupendous 300+ gains of the previous week, with the wobbly Asian indices being the culprit. Asia had a nervous look this morning due to the continued tensions on the Korean front. But while our Asian counterparts dipped further in intra-day trades to end lower by upto a percent each, our markets found their feet midway through the day due to the strength in select counters from the auto and IT space and the confident opening across Europe.
Hero Honda has spurted by 16.8% at Rs 1961 to remain the top gainer on the BSE after the company's board of directors, on December 16, approved a new licensing arrangement with Honda Motor, Japan concurrent with the Hero Group's proposed acquisition of Honda's 26% stake in Hero Honda Motors. TCS has jumped by 2.2% at Rs 1166 and Cipla has gained 2.1% at Rs 364. M&M, Infosys and Tata Steel are the other significant gainers.
On the losers side, Bharti Airtel has slid by 2% at Rs 336, NTPC has lost 1.8% at Rs 194 and ONGC has shed 1.7% at Rs 1306.
The market breadth is strong. Out of 2945 stocks traded on the BSE, there are 1662 advancing stocks as against 1182 declines.