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Markets continued to move sideways after the first hour of trade with the Sensex gaining 118 points at 20404 and the Nifty added 33 points to 6,220.
Meanwhile, in Asia, the yen edged higher after Japan's economics minister said further weakness in the yen could harm households, while Asian shares rose in response to U.S. equities rallying on upbeat economic data.
The rupee weakened by 10 paise to 54.98 against the dollar on the Interbank Foreign Exchange market in early trade today.
Back home, broader markets edged up in line with the benchmark. BSE mid-cap index added 0.5% at 6652. Small-cap index edged up 0.5% at 6235.
BSE auto index added 2.5% at 11,474. Metal, realty, PSU and capital goods indices added 0.5-1% each. Meanwhile, the BSE healthcare index shed 1% at 9086.
Coal India is trading higher by 2.4% at Rs 305 on NSE ahead of it’s a standalone Q4 (January-March) earnings later in the day.
Infosys Ltd, India's No. 2 software services exporter, said on Monday it would challenge a Rs 576.9 crores income tax demand raised by Indian authorities earlier this month. The stock was up 0.7% at Rs 2368.
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(Updated at 0935 hrs)
Markets have opened in the green this morning, taking cues from global peers. The Sensex is up 153 points at 20,440. Nifty is up 40 points at 6,226. On the upside, the index can face some resistance around 6,220-odd levels. Momentum oscillators both on the daily and the weekly charts are in favour of the bulls, technical analysts suggest.
Foreign institutional flows will continue to play a key role in the direction of the stock markets this week in the absence of major events. Market participants do not expect the warning by ratings agency S&P on India’s credit outlook on Friday to have a significant impact on stocks on Monday.
With the Nifty struggling to break above the key hurdle of 6200, analysts said it would require a fresh bout of sizeable flows to push the markets up as domestic investors continue to sell at higher levels.
Most Asian markets gained ground on Monday with the Nikkei and Hang Seng rising over 1.5% each. Shanghai Composite has risen 1% at 2303.
BSE metal index is leading the morning gains today - up1.2% at 8907. Auto and FMCG indices have gained 1% each as well. Healthcare and consumer durables indices have slipped marginally in trades - down around 0.2% each.
Tata Motors has gained 2% at Rs 310. Coal India has added 2% at Rs 303 ahead of its results this week. Sterlite, BHEL, Tata Steel and ITC are up 1.5% each. Among other key gainers are SBI, Maruti and Reliance Industries.
The income tax department has slapped a fresh Rs 577 crore tax demand notice on Infosys, for fiscal year 2009 reports suggest. The stock, however has managed to hold up in the green - up 0.5% at Rs 586. Meanwhile, Wipro, also from teh IT pack, has slipped 1.2% at Rs 340.
BSE market breadth is positive in opening deals. Out of 1112 stocks traded, 777 shares have advanced while 308 shares have declined.
