The markets are witnessing positive trades with the BSE Sensex at 16,047, up 184 points and the Nifty at 5,148, up 61 points.
Corporate results for the December quarter of a whole host of frontline companies are likely to keep the gains under check today for the Indian markets despite positive global cues. US stocks edged lower on Monday on stalled Greek debt talks though recovered by close of session. The Dow Jones industrial average and Standard & Poor's 500 Index ended lower by 0.05 per cent and 0.25 per cent, respectively.
On Tuesday, MSCI's broadest index of Asia-Pacific shares outside Japan opened lower, but had later inched up 0.2 per cent. The Nikkei average opened before reversing course to gain 0.3 per cent.
Back home, the Nifty is likely to seek support around 5,055 – 5,030, while it will face resistance around 5,120 – 5,140, analysts say.
On the sectoral front, BSE Bankex and Oil & Gas indices are leading the gains, having advanced 1-2% each.
State Bank of India (SBI), Canara Bank, IDBI Bank and Axis Bank, up 3% each, are the notable gainers from among the financials. SBI is trading higher by 3% at Rs 2,050 after the government agreed to infuse Rs 7,900 crore into the bank through a preferential issue. The government, on Monday, approved increase in SBI's issued capital by way of preferential allotment of equity shares of about Rs 7,900 crore, the India’s largest lender said in a statement to the stock exchange.
Reliance Industries, Gujarat State Petronet and Indian Oil Corporation, up 1-2% each, are the top gainers from the Oil & Gas space.
Consumer Durable, Metal, Realty, IT and Auto shares have gained nearly 1% each.
BSE Capital Goods index, marginally down, is the only one trading in the red.
SBI, ICICI Bank, Sterlite Industries, Hindalco Industries and Jindal Steel, up 2-3% each, are the notable gainers on the Sensex. The losers from thepack are NTPC, Coal India and Larsen & Toubro, down 1% each. Bajaj Auto and BHEL are trading marginally lower.
The overall market breadth is positive as 850 stocks have advanced against 307 declining ones, on the BSE.