Markets see a quiet start

Markets have opened on a positive note ahead of the Budget to be announced later today. Sensex opened up 100 points at 17,801. Thereafter it gave up some of its gains and was up 83 points at 17,783.

The Nifty was up 27 points at 5,330.

Meanwhile, global markets were trading on a weak note. Hang Seng dropped 75 points to 22,937. Nikkei slipped 66 points 10,461. Seoul Composite and Straits Times shed 1% each to 1,941 and 2,997, respectively. However the Shanghai Composite has amanged to move up marginally to 2,882.

Back home on Friday, the Sensex oscillated in a range of a more than 300 points as the gains triggered by an upbeat economic survey were nullified by an insipid railway budget presented by Mamata Banerjee, before ending at 17700, higher by 68 points and the Nifty shut shop at 5303, up 40 points. There was divergence on the broader market front, though; the midcap index ended at 6353, lower by 14 points and the smallcap index ended at 7789, down 24 points.

The sectors to watch today would be the rate sensitives - banking, auto and realty.Most of the sectoral indices were in the green. However, the auto and FMCG indices slipped marginally in early trades.

Hero Honda shed 2% at Rs 1,469. Tata Motors and Bajaj Auto were down 1.5% each at Rs 1,086 and Rs 1,264, respectively. Other auto stocks - Mahindra & Mahindra and Maruti Suzuki slipped as well.

Metal stock - Hindalco dropped 1% to Rs 198. ITC among FMCG stocks was down 1% at Rs 155. Market heavyweight - ICICI Bank dipped lower in trades as well.

On the other hand, Jindal Steel gained 2.3% at Rs 661. Larsen & Toubro, ONGC and HDFC added 1.5% each.

Infosys, Sterlite, BHEL, Jaiprakash Associates and NTPC were up around 1% each. Reliance Industries was up 1% at Rs 977.