Markets remain marginally higher

Markets continued to trade in the green on strong cues from global peers. The Sensex after ouching a high of 19783 slipped from its high and is now at 19,686 - up around 20 points. Nifty is up 6 points at 5,977.

"The markets have been trading in a range bound fashion since past few trading sessions. On the down side if Nifty breaks below 5,950 then it can go down to 5,825-5,850 levels. While, on the upside if 6,050 breaks then t can probably head to 6,150 levels. Meanwhile, the sideways movement is expected for the Nifty," said Parag Doctor
Head- trading strategies, Keynote Capitals Ltd.

Asian markets too traded with a positive bias after Chinese trade data. In China, exports rose 14.1% in December from a year earlier compared to analysts  forecast a figure closer to 4% while imports gained 6% indicating stronger domestic demand.

HSBC further cut its India growth forecast for the current and next fiscal years, saying the slowdown in the economy has become more structural than cyclical. HSBC cut its GDP forecast for the year ending in March to 5.2% from 5.7%, and its forecast for the next fiscal year to 6.2% from 6.9%, according to a report released on today.

Back home, investors were cautious ahead the Infosys' Oct-Dec earnings this Friday and the European Central Bank meeting later in the day where the central bank is expected to keep interest rates steady.

The rupee today gained 15 paise to 54.60 against the US dollar in early trade at the Interbank Foreign Exchange market on the back of increased capital inflows.

BSE mid and small cap indices are both trading marginally in the negative zone. The broader markets are down 0.1% each at 7293 and 7608, respectively.

Tata Motors was the top mover among Sensex stocks - up 3% at Rs 336. ONGC, HDFC Bank and SBI together accounted for around 40 points upmove on the Sensex. On the other hand, BHEL slipped 2% to Rs 232. ICICI Bank shed 1% to Rs 1168. Among other losers were Larsen & Toubro, Sterlite and HUL. Heavyweights, Reliance and Infosys remained flat.

Shares of public sector undertakings (PSU) oil marketing companies (OMCs) such as  BPCL, HPCL and IOC continued their upward march and traded higher in the range of 1-2% in opening deals on reports that the government is likely to raise diesel and subsidized liquefied petroleum gas (LPG) prices in a phased manner.