Markets have a quite start with Sensex opening up 24 points at 18,433 and the Nifty opens down two points at 5,541. The smallcap is up 0.3% and the midcap index is up 0.2% as compared to the benchmark index up 0.1%.
On the other hand, US stocks yesterday,slipped in one of the lightest volume sessions of the year as investors took refuge in defensive shares after the latest corporate M&A failed to soothe concerns the recovery is stalling.The Dow slipped 39 points, or 0.3% to 10,174. The Nasdaq fell 20 points, or 0.9% to 2,159.63.So taking cues from the developments in the US markets overnight, the Asian markets too opened on a weak note.The Nikkei is down 1.2% at 9,008 to 25 month low as exporters weigh; yen continues to strengthen. Hang Seng has fallen 0.4% to 20,815 on back of losses in energy producers.
Among the sectoral indices on the BSE, FMCG up 0.5% tops the charts. Yesterday this was the only index to be in the red throughout the day. Oil & Gas and Power up 0.4% each follows. Teck, Realty and IT are in the red in the morning trades.
Bharti Airtel up 1%(Rs 321) is the top gainer on the Sensex in the morning trades. ITC (Rs 160), NTPC (Rs 195) and Mahindra & Mahindra (Rs 627) are the other significant gainers.
On the losers side, Hindalco down 1%( Rs 173) leads the list followed by Infosys (Rs 2767), Hero Honda (Rs 1910), Maruti Suzuki (Rs 1238) and L&T (Rs 1865).
Market breadth is extremely positive with 1332 stock advances and 590 declines.