Markets witness positive trades

The Indian markets edged higher in opening trades today following positive global cues and gains in the metal space. The Sensex is up 79 points at 16,117 and the NIfty added 22 points at 4,853.

Further, the broader markets too opened strong with the smallcap and the midcap indices, up 0.6per cent each.

Overnight, the Dow Jones Industrial Average and the S&P 500 index moved up around 0.2 per cent each to 12,471 and 1,295 levels, respectively. The euro jumped as strong demand at auctions for Italian and Spanish government debt on Thursday eased fears over the region's debt crisis, while oil prices gained more than $1 a barrel.

In Asian markets, Straits Times, (up 0.8 per cent), Taiwan Index (up 0.5 per cent), Nikkei (1.3 per cent) and KOSPI (up 0.6 per cent) gained ground on Friday.

Back home, The Nifty once again faced resistance around its medium-term moving average and ended on a soft note on Thursday. On the downside, the index is likely to see a mild correction up to 4,730-odd levels in the short-term, analysts say.

Among the sectoral indices, Metal, PSU and Power indices started the day up 1 per cent each. However, FMCG and Health Care started on a soft note up 0.1-0.2 per cent.

The movers in the PSU space were National Aluminium, MOIL and SAIL in the opening trades.

The top gainers among the Sensex stocks were Tata Motors, Tata Steel,Coal India and SBI up nearly 2per cent each. Sterlite, Tata Power, Wipro and Hindalco up 1 per cent each were the other notable gainers.

Index heavyweights Reliance Industries and Infosys were also among the Sensex gainers.

Sensex losers include Gail India down 0.4 per cent and TCS which lost 0.2 per cent.

The market breadth is very positive owing to the strength in the broader markets. 801 stocks advanced while 247 stocks declined.