Markets witness positive trades

The markets are witnessing positive trades with the BSE Sensex at 16,816, up 64 points and the Nifty at 5,065, up 19 points.

In the broader markets, the smallcap and the midcap indices opened up 0.3 percent each, in line with the BSE benchmark index.

All eyes will be on Reserve Bank of India today as its reviews the Monetary Policy later in the day, which will also impact the way markets shape up.

Overnight, the Dow Jones industrial average dipped 0.28 per cent at 12,685.28 and the Standard & Poor's 500 Index lost 0.20 per cent to 1,312.77.

The euro retreated from a three-week high on Tuesday while Asian shares edged higher as crucial negotiations over Greek debt
restructuring suffered another major setback, raising the spectre of default. Activity was thin, however, with many Asian markets still closed for the Lunar New Year holiday.

The MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent, while Japan's Nikkei average inched up 0.3 per cent.

Back home, analysts suggest that the Nifty needs to break and sustain above its recent high of 5,064 in order to keep the upward momentum intact.

Among the sectoral indices, Capital Goods, Consumer Durables and Health Care up nearly 1 percent, each, are the top gainers.

Meanwhile, BSE Metal index opened flat at 10,975.

The top gainers among the Sensex-30 are BHEL, L&T, Bharti Airtel, ICICI Bank and Hindustan Unilever, up between 1-2 percent each.

Meanwhile, Metal major Sterlite Industries, down 1.4 percent, continues to be the top loser for the second consecutive day. Maruti Suzuki, NTPC,    DLF, Tata Power and Hero MotoCorp, down 0.6-1 percent, are the other notable losers.

The overall market breadth is positive as 592 stocks have advanced as compared to 312 declines on the BSE.