Markets remain lacklustre in the morning trades on account of the muted global cues ahead of decision by the Federal Reserve in its policy meeting today. At 10:25am, the Sensex was up 34 points at 18,034 and the Nifty remained flat at 5,436, with a five point gain.
In the broader markets, the midcap and the smallcap indices edged up 0.3-0.4%, outperforming the Sensex which was up 0.2%.
The rupee depreciated by 18 paise to 55.40 against the dollar in early trade today on fresh demand for the American currency.
On the BSE sectoral indices, Metal and Health Care were the only indices trading in the red, losing 0.3% and 0.7% respectively. Meanwhile, Oil & Gas, Capital Goods and PSU advanced 1% each.
Shares of select public sector undertaking companies were in focus ahead of Cabinet Committee on Economic Affairs meeting today to consider the disinvestment plan. Among the individual stocks, Nalco surged 5.4% at Rs 55.15, followed by Neyveli Lignite Corporation up 4%, MMTC up 3%, Hindustan Copper and Oil India added 2% each.
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(Updated 9:16am)
Markets started on a flat note with the Sensex up 27 points at 18,027 and the Nifty started off at 5,436, up five points.
In the broader markets, the smallcap and the midcap indices gained 0.3% each outperforming the Sensex which added 0.1% in the opening trades.
According to technical analysts, the Nifty is likely to face resistance around 5,445-5,455, while on the downside the index can seek support around 5,415-5,405.
Overnight, US stocks ended marginally positive after a top German court said it supported the euro zone's new 700-billion-euro bailout fund to help the region battle its debt crisis
Asian shares eased on Thursday ahead of the U.S. Federal Reserve's decision later in the day, but investors remained optimistic of further stimulus action to bolster the world's largest economy.Japan's Nikkei average opened down 0.1%. At 700 am Indian Standard Time, the SGX Nifty was trading at 5,449 - down 6 points.
Among the sectoral indices, FMCG, Consumer Durables, Realty and Metal indices strated off with a negative bias, losing 0.04-0.4%. Meanwhile, PSU, Capital Goods, Auto, Power and Oil & Gas started up 0.2-0.5%
The top gainers among the Sensex stocks were Bajaj Auto,ICICI Bank, Gail India, Hero MotoCorp, Wipro and L&T up 1% each. HDFC, ONGC, Maruti Suzuki and BHEL, up 0.7% were the other notable gainers.
Meanwhile, metal stocks like Jindal Steel, Sterlite, Tata Steel and Hindalco slipped 0.5-1%. The other notable loser was Bharti Airtel down nearly 2%. Index heavyweight, Reliance Industries started off 0.4% lower in the opening trades.
Among other stocks, Godrej Properties shot up by over 3% to Rs 557 after the Mumbai-based real estate developer said it sold over one million sq ft of space in its residential project in Gurgaon in a single day.
The market breadth was positive. 771 stocks advanced while 399 stocks declined on the BSE.