The Indian markets opened flat and then turned positive in early trades on Thursday led by oil and gas shares. The BSE Sensex is at 15,970, up 87 points and the Nifty is at 4,770, up 21 points.
Major US stock indexes were little changed in a low-volume session on Wednesday. The Dow Jones industrial average gained 21.04 points, or 0.17 per cent, to 12,418.42. The S&P 500 Index edged up 0.24 point, or 0.02 per cent, to 1,277.30.
However, Asian shares and the euro eased on Thursday as concerns about the ability of Euro-zone countries to refinance their huge public debt dampened investor risk appetite ahead of a French bond auction later in the day. MSCI's broadest index of Asia Pacific shares outside Japan fell 0.3 per cent, while Japan's Nikkei stock average opened down 0.5 per cent, after reaching a three-week high the day before.
Among Sensex shares, index heavyweight Reliance Industries was up 0.4% and ONGC was up 0.5%.
Back home, analysts suggest that as long as the Nifty sustains above 4,650 levels, the bias is likely to remain cautiously optimistic.
On the sectoral front, BSE Auto, Consumer Durables and Oil and Gas indices, up nearly 1% each, are leading the gains. Hero MotoCorp, Tata Motors, Bajaj Auto and Exide Industries, up 1-2% each, are the gainers from the Auto space.
VIP Industries, Titan Industries, Rajesh Exports, up 1% each, are the gainers from the Consumer Durables' space.
BSE Metal, Realty, Bankex and Capital Goods indices are trading marginally high.
Tata Motors has advanced nearly 2% at Rs 204. Other prominent gainers on the Sensex are Hero MotoCorp, Cipla, Bajaj Auto and Tata Steel, up 1% each. The losers from the pack are DLF, Maruti Suzuki and Coal India, down 1% each. ICICI Bank and Infosys are trading marginally down.
The overall market breadth is positive as 857 advance and 391 decline, on the BSE.