Selling pressure in heavyweight stocks weigh
Markets have corrected partially in the morning dealsd on the back of selling pressure heavyweight stocks such as ICICI Bank, SBI, Infosys, and Reliance Industries. The Sensex is up 53 points at 18,392 and the 50-share Nifty has advanced 18 points to 5,589.
On the sectoral front, teck, IT, consumer durables, healthcare, oil & gas and PSU indices have slipped in the negative territory and are down 0.1-0.3% each. While, the BSE auto index, up 0.5% is the top sectoral gainer. FMCG, capital goods, realty and metal indices are also up 0.2-0.4% each.
Among the individual stocks, Multi Commodity Exchange of India (MCX) has rallied over 5% to Rs 1,560 after the country's newest stock exchange MCX Stock Exchange (MCX-SX) conducted mock testing session for its capital market segment on Monday to familiarise participants with this new trading platform.
Eicher Motors is trading higher by 4% to Rs 2,419 on back of heavy volumes after Swedish truck, bus and earth-moving equipment maker Volvo proposed to invest around Rs 1,800 crore in joint venture company, VE Commercial Vehicles.
(Updated at 9.20 AM)
Markets have opened on a positive note tracking firm global cues. The Sensex has jumped 100 points to open at 18,438 and the Nifty has advanced 29 points to open at 5,600.
Asian shares rose on Tuesday on hopes of a compromise in the US fiscal crisis, while the euro fell after Moody's Investors Service scrapped France's top-notch credit rating, reminding investors of the protracted euro zone debt crisis.
Global stocks and commodities surged on Monday to recover some of last week's sharp losses on hopes US lawmakers will reach a deal to avert $600 billion in tax increases and spending cuts due to start in January - the "fiscal cliff" that threatens to send the US economy back into recession.
Hang Seng was up 176 points at 21,438, Nikkei advanced 8 points to 9,162, Seoul Composite jumped 11 points to 1,889 and the Taiwan Weighted was up 25 points at 7,154.
Overnight, US stocks bounced higher for a second consecutive session on Monday as investors were encouraged by the early atmosphere surrounding talks to tackle the nation's fiscal crunch.
Stronger-than-expected earnings from Lowe's and Tyson Foods, as well as encouraging housing data, also contributed to the market's advance. Tyson and Lowe's were the top two percentage gainers on the S&P 500.
The Dow Jones industrial average gained 208 points, or 1.65%, at 12,796, S&P 500 Index was up 27 points, or 2%, at 1,387 and The Nasdaq Composite Index was up 63 points, or 2.2%, at 2,916.
Back home, HDFC is the top Sensex gainer, up 2% at Rs 779. Tata Motors, Gail India, Jindal Steel, Dr Reddy's Labs, Tata Steel, BHEL, TCS, Mahindra & Mahindra, Maruti Suzuki, Larsen & Toubro, State Bank of India and Wipro have also opened higher by 0.6-1.8% each. While, NTPC, Bharti Airtel, Infosys and Bajaj Auto are among the notable losers.
All the sectoral indices are trading higher. The BSE realty index is the top gainer, up 1% at 1,906. Auto, metal, capital goods, consumer durables, bankex and power indices are also up 0.4-0.8% each.
The mid-cap and small-cap indices are alos trading higher. Both the indices are up 0.5% each.
The overall breadth is positive as 902 stocks are advancing while 330 are declining.
The market breadth was firm. Out of 2,933 stocks traded , 1,685 stocks advanced compared to 1,136 declined on BSE