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Benchmark indices are trading absolutely flat with Sensex and Nifty swinging between negative and positive zone.
Markets will remain volatile ahead of the December series futures and options expiry on Thursday. Financial markets will be shut tomorrow on account of Christmas.
By 11:20, the Sensex was 9 points down at 21,093 mark and the Nifty is flat at 6,285 levels.
Adds Ranak Merchant, Technical Analyst - Strategies, Sushil Financial Services, “Last week’s move saw benchmark index make a double bottom near indicated support zone of 6130-6140 and see a smart comeback. Next trigger point lies near 2 week’s prior high of 6312 level coinciding with psychological barrier of 6300. Thus 6300-6312 zone to be watched on closing basis.
The current week likely to be volatile as derivatives expiry would dominate sentiment, also holiday season would lead to volatile moves in the absence of FIIs. Year end NAV propping would lead to individual stock moves while index may remain sideways.”
On the global front, Asian markets took cheer on Tuesday after Wall Street rang up more records and upbeat US spending data burnished the outlook for the global economy, with Japan's Nikkei hitting a 2013 high after Tokyo markets opened after a holiday.
Tokyo's Nikkei sped to a six-year peak, adding about 0.8% and topping the 16,000-mark, driven by buying from long-only investors after Wall Street marched upwards. Japan's benchmark was up more than 50% this year, on track for its best annual rise since 1972.
Back home, the rupee is trading at 61.85/86 versus its close of 61.9525/9625 on Monday, tracking gains in domestic share markets.
Traders, however, expect the market to remain in a 61.75 to 62.05 range during the session.
On the sectoral front, BSE Healthcare, Capital Goods and Realty indices are up by nearly 1% each. However, BSE Metal index has declined by over 1%.
The main gainers on the Sensex at this hour include Bajaj Auto, BHEL, L&T, NTPC, TCS, M&M and Dr Reddy’s Labs.
On the losing side, Sesa Sterlite, Tata Power, Maruti Suzuki, Hindalco and HDFC have declined between 1-3%.
Among other shares, Alstom T&D India has moved higher by 5% to Rs 201, extending its 4% gain in past two trading sessions, after the company said it has received two orders worth Rs 298 crore for supplying equipment for power stations in Himachal Pradesh.
Shares of Aurobindo Pharmaceuticals continue its upward march with the stock touching a new high on the Bombay Stock Exchange (BSE).
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices are up by nearly 1% each.
The market breadth in BSE remains firm with 1,208 shares advancing and 731 shares declining.
