The markets began the trading session on a positive note with the BSE Sensex having opened at 17,039, up 43 points and the Nifty at 5,138 up 10 points.
They are expected to be volatile on the back of global cues and the F&O expiry for the January series due today. Overnight, the Dow Jones industrial average shed 0.29 per cent to 12,671.74, while the Standard & Poor's 500 Index was down 0.12 per cent at 1,314.36.
Japan's Nikkei average opened at a fresh three-month high on Wednesday after earnings from US-based technology giant Apple came in above expectations. The benchmark Nikkei advanced 0.7 per cent to 8,843.44, while the broader Topix gained 0.6 per cent to 761.86. The rise comes despite the first annual trade deficit in 2011 for over 30 years.
Back home, as per the daily and weekly charts, the Nifty is likely to face stiff resistance around 5,215-5,255, technical analysts suggest.
All the sectoral indices are in the green - led by consumer durables and metal shares.
Whirlpool of India, Titan Industries, VIP Industries and TTK Prestige, up 1-3 per cent each, are the gainers from the Consumer Durables' space.
JSW Steel, Coal India, Sterlite Indsutries and Tata Steel, up nearly 1per cent each, are the notable gainers from the Metals' space.
OIl & gas, PSU and power indices have also moved up.
Coal India, Tata Motors, Sterlite Industries, SBI and Tata Steel, up 1 per cent each, are the prominent gainers on the Sensex. The losers from the pack are Maruti Suzuki, ICICI Bank, Hero MotoCorp and Cipla, down 1 per cent each.
Among individual stocks, Grasim has gained 1.3 per cent at 2,523 on reporting a 33 per cent rise in its net profit at Rs 669 crore for the quarter ended December 2011.
JSW Steel has finalised Rs 2,140-crore investment plan in its subsidiary JSW Ispat Steel to set up a coke oven, a pellet plant and a cold rolling mill. The stock is up 0.8 per cent at Rs 658.
The overall market breadth is positive as 952 stocks have advanced against 355 declining ones, on the BSE.