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Markets have started the trading session on a higher note tracking positive Asian cues. By 9:30, the Sensex was higher by 39 points at 21,232 mark and the Nifty gained by 6 points at 6,319 levels.
Shares will remain firm for most of the thinly-traded week ahead, as inflows from foreign institutional investors (FIIs) are expected to continue despite the US Federal Reserve starting to withdraw its stimulus programme from January 1.
Investors will watch the April-November fiscal deficit reading, due on Tuesday, and the manufacturing PMI (Purchasing Managers' Index) for December, due on Thursday, which will help them gain insights into the extent of the economic slowdown. Shares of recent performers - mid-caps and information technology companies - could continue to see bouts of buying in the week ahead.
Stock markets are expected to continue their bull run this week amid robust overseas investments while global cues and quarterly earnings, starting next month, will dictate near-term trend on the bourses, say experts.
On the global front, Japan's Nikkei stock average hit a fresh six-year high on Monday, its final trading day for 2013, and is set to close the year up more than 55% to mark its biggest annual gain since 1972. The Nikkei advanced 0.3% to 16,230.23 in mid-morning trade, on track for a ninth straight day of gains, which would be its longest winning streak since July 2009.
Japanese markets will be closed for the New Year holiday from December 31 to January 3, and will reopen on January 6.
US stock indexes closed mostly flat on Friday, with the Dow snapping a six-day streak of record closing highs after investors took a break from this week's rally.
Shares of Twitter Inc, the social media company that has nearly tripled in value since going public in early November, slid 13% to close at USD 63.75 after investors took profits. Twitter was the most actively traded stock on the New York Stock Exchange on Friday.
The tech-heavy Nasdaq fell 0.25%, with leaders like Apple off 0.7% at USD 560.09 and Facebook Inc. down about 4% at USD 55.44. The Nasdaq has surged 37.7 percent this year, making it the best performer among the three major US stock indexes.
Back home, BSE Bankex, Realty, Metal, Consumer Durables and Auto indices have gained by nearly 1% each.
The main gainers on the Sensex at this hour include Sesa Sterlite, Tata Motors, ICICI Bank, Bharti Airtel, Hero and HDFC Bank.
On the losing side, ONGC, Tata Power, Wipro and Infosys have declined between 0.4-1%.
The broader markets are outperforming the benchmark indices- BSE Midcap and Smallcap indices have gained by nearly 1% each.
