Indian shares consolidated gains and continued to trade in a narrow range as most of the key Asian markets were quiet in pre-holiday trade amid looming concerns over US fiscal cliff that will push world's biggest economy into recession next year.
At 10 AM, the Bombay Stock Exchange's Sensex index rose 45.48 points at 19,287 while the National Stock Exchange's Nifty-50 index gained 9 points and traded at 5,857.
Global risk appetite remained frail on concerns over US growth. US lawmakers tried to rescue stalled talks on Friday but there was little headway ahead of Christmas holidays.
In Asia, China's Shanghai Composite gained 0.5% to 2,165, Hong Kong's Hang Seng was up 0.16% to 22,541, Singapore's Straits Times fell 0.03% to 3,162. Financial markets in Japan, Indonesia and the Philippines are closed on Monday for public holiday.
The MSCI Asia Pacific index outside Japan rose 0.2% to 889.
Back home, IT, technology, pharmaceuticals, auto, metal, real-esate, power, fast moving consumer goods indexes lead the gain while banks, capital goods, oil and gas declined on BSE.
Among key Sensex stocks, Infosys led the gains by rising 1.4% while Tata Consultancy Services and Wipro rose nearly 1% each, Sun Pharmaceuticals was up 1.2% while Dr Reddy's rose 1% and in metal space, Tata Steel and Sterlite Industries gained 1% each, Mahindra & Mahindra rose nearlyl 1%. Among losers, Maruti Suzuki declined 1% and Tata Motors was down 0.1% while HDFC Bank fell 0.3% on BSE.
Among the other key notable movers, Glenmark Pharmaceuticals gained 2% at Rs 511 after the company said it has signed development agreement with Forest Laboratories for worldwide collaboration on Novel Agents to treat chronic inflammatory conditions.
Lanco Infratech has rallied 7% to Rs 13.40 after the company said that Supreme Court of Western Australia in its judgement has allowed the Griffin Coal Mining Company Pty Limited (GCMC), a subsidiary of company to enter into revised Coal Supply Agreement (CSA) with Griffin Power entities which is in process of being acquired by Japanese consortium of Sumitomo Corp and Kansai Electric Power Co.
The BSE mid-cap and small-cap gained nearly 0.4%.
The overall breadth is strong as 1,063 stocks advanced while 648 stocks declined on the BSE.
