The markets are trading on a positive note with the BSE Sensex at 17,500, up 142 points and the Nifty at 5,336, up 46 points.
With the monetary policy and the key economic data and the domestic front behind us, the markets are likely to focus on quarterly results of Corporate India besides tracking global cues.
US stocks scored their biggest gains in a month on Tuesday after Coca-Cola led a round of strong earnings and as concerns about Europe's debt crisis eased. The Dow Jones industrial average rose 1.5 per cent to close at 13,116. The S&P 500 Index gained 1.6 per cent to 1,391.
Following a rally in European equities and US stocks the previous day, MSCI's broadest index of Asia Pacific shares outside Japan edged up 0.5 per cent on Wednesday. Japan's Nikkei average was 1.5 per cent higher.
On Wednesday, the Nifty is likely to seek support around 5,255-5,253, while face resistance around 5,325-5,345, technical analysts say.
All the sectoral indices are in the green. BSE Consumer Durables, Auto, Realty and Bankex indices, up 1-2% each, are leading the gains.
Titan Industries, Videocon Industries, Blue Star and Whirlpool of India are the prominent gainers from among the Consumer Durable stocks, up 1-3% each.
Gail (India), Bajaj Auto, Hindalco Industries, Tata Motors and Sun Pharma Industries, up 2-3% each, are among the otable gainers on the Sensex. Infosys, down marginally, is the only loser from the pack.
Among individual stocks, HCL Technologies has rallied over 5% at Rs 508 after reporting a better-than-expected 5.2% quarter-on-quarter (qoq) growth in net profit at Rs 603 crore for the third quarter ended March 2012. India's fourth largest software services exporter, had a net profit of Rs 573 core in previous quarter. However, consolidated sales declined 0.6% to Rs 5,216 crore on q-o-q basis.
VST Industries has soared 8% to Rs 1,979, extending its yesterday’s 3% gain, after cigarettes and tobacco products maker reported a healthy 37% year-on-year (y-o-y) growth in net profit at Rs 36.73 crore for the quarter ended March 31, 2012. Total income grew 24% at Rs 196 crore on y-o-y basis.
The overall market breadth is positive as 1,083 stocks have advanced and 306 stocks have declined, on the BSE.
