The benchmark indices have started the day on a reasonably good note, especially given the directionlessness on the global front amid the year-end holiday mood. The Sensex is quoting at 20075, higher by 50 points and the Nifty is at 6008, up 12 points. The midcap index is at 7632, higher by 12 points and the smallcap index is at 9425, up 20 points.
It may be recollected that the indices had opened flat and traded in a narrow band of 0.3% in the previous session. One would have to wait and watch whether volatility associated with a derivatives expiry, which has been conspicuous by its absence this time around, rears its head on the penultimate day of the December series as the participants seek to either unwind or roll over their existing positions.
On the global front, the Dow and S&P 500 had rose in light trading on Tuesday, extending December's rally, as cold weather in the Northeast lifted oil prices and energy shares. The Dow was up 20 points at 11,575 and S&P 500 was up 0.98 point at 1,258. But the Nasdaq Composite Index was down four points at 2,662. The Asian markets have edged higher in early trades. The Hang Seng is quoting at 22,749, higher by 127 points and Nikkei is at 10,309, up 17 points in early trades. Moreover, the trading pattern on the Singaporean bourses also suggests that the markets back home are unlikey to break out of their shell in today's session. The SGX Nifty is at 6013, down three points, in pre-market trading.
The leading gainers on the Sensex are Sterlite (jumped by 0.9% at Rs 180), Bharti Airtel (gained 0.8% at Rs 344) and Hindalco (added 0.7% at Rs 239). Among the other index heavyweights, Tata Steel has strengthened by 0.4% at Rs 667 and RIL has edged higher by 0.3% at Rs 1050.
On the other hand, M&M has slid by 0.9% at Rs 756, RCom has slid by 0.8% at Rs 138 and Tata Motors is continuing its weak trend, having lost another 0.8% at Rs 1257.
The market breath is positive. Out of 1438 stocks traded on the BSE, there are 934 advancing stocks as against 445 declines.
