Markets are trading marginally higher in the early noon deals ahead of the September F&O expiry. The Sensex is up 42 points at 18,673 and the 50-share Nifty has advanced 22 points to 5,686 levels.
According to Mudit Goyal, technical analyst with SMC Global, "After sharp rally of over 400 points, Nifty is moving sideways in the stiff range of 50-60 points which is healthy sign for further upside."
"Range bound and volatile sessions can continue for coming days but the bias may remains positive so every dip should be considered as a buying opportunity in the near term for target of 5800," adds Goyal.
Among the other Asian markets, Shanghai Composite has advanced 3% or 60 points to 2,064 on reports that authorities might take steps to prop up the mainland's beleaguered stock markets. Hang Seng has advanced 1.3% to 20,789 and the Nikkei is up 0.4% at 8,939 levels.
Back home, Tata Power is the top gainer among the Sensex stocks. It has advanced 6.5% to Rs 109 ahead of the Central Electricity Regulatory Commission (CERC) final hearing on the tariff revision plea of the company for the 4,000 MW Mundra Ultra Mega Power Project (UMPP) today.
Mahindra & Mahindra, Larsen & Toubro, Maruti Suzuki, Sun Pharma, Tata Motors, HDFC, Bharti Airtel and Jindal Steel are also trading higher by 1-2% each.
On the other hand, BHEL, Coal India, Wipro, Sterlite Industries, Infosys, ONGC and Cipla are among the losers.
The BSE auto index is the top sectoral gainer. The index is up 1.2% at 10,367. Power, capital goods, healthcare and FMCG indices are also up 0.6-1% each. While, oil & gas, PSU, IT and metal indices are trading in the red.
On the options front, Nifty 5,700 call option is the most active call option it has 9.8 million shares in the open interest and 12 million shares have been added in the open interest. While, 5,600 is the most active put option with 12 million shares in the open interest.
Among the individual stocks, Anant Raj Industries is trading higher by 5% at Rs 70.20 on back of heavy volumes after the company sold its subsidiary Aakarshak Realtors for Rs 28.6 crore.
Max India is trading higher by 3% at Rs 209 after Dynavest India, one of the promoter group firms, acquired around 2% stake of the company for Rs 100 crore through open market transactions.
The broader markets are outperforming the benchmark indices. The BSE mid-cap and small-cap indices are up 0.7% each.
The overall breadth is positive as 1,500 stocks are advancing while 876 are declining.
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