The markets began the trading session on a positive note and the BSE Sensex is currently at 17,409, up 90 points and the Nifty is at 5,273, up 25 points.
The Dow closed at its highest level in more than four years on Tuesday after US manufacturing expanded at a faster pace than expected in April, easing jitters about a slowdown in the economic recovery. The Standard & Poor's 500 Index rose 0.6 per cent to 1,406 levels.
Asian shares also edged higher with MSCI's broadest index of Asia-Pacific shares outside Japan gaining 0.2 per cent, while Japan's Nikkei stock average opened up 0.5 per cent.
Back home, the Nifty is likely to seek support around 5,225-5,210, while it may face resistance around 5,270-5,285, technical analysts suggest.
On the sectoral front, BSE Consumer Durables, Realty, FMCG, Metal and Bankex indices are leading the gains, up 1% each.
C Mahendra Exports, Titan Industries and VIP Industries, up 1-4% each, are the notable gainers from the Consumer Durables' space.
Hindustan Unilever has gained 3% at Rs 427 and is the top gainer on the Sensex. Other prominent gainers include DLF, Hero MotoCorp, Mahindra & Mahindra and Jindal Steel, up 1-2% each.
The losers from the pack are Tata Motors, ONGC and Tata Power, down 1-2% each. GAIL (India) and Maruti Suzuki are down marginally.
Bharti Airtel has reported its Q4 net at Rs 1,006 cr. Profits have been hit by higher costs on tax, foreign exchange and amortization. The scrip has gained 1.6%.
Among individual stocks, United Phosphorus has rallied 5% to Rs 122 after the company announced buyback of its own equity shares from the existing shareholders. “The board of directors of the company will meet on May 07, to consider and approve a proposal for buy back of the company’s equity shares,” the company engaged in agrochemicals business said in a filing to the stock exchanges.
Hindustan Unilever (HUL) has surged over 4% at Rs 434 in opening trades after reporting a 21% year-on-year (y-o-y) growth in net profit at Rs 687 crore for the fourth quarter ended March 31, 2012 on back of high volumes and prices. “Net sales grew 16% to Rs 5,660 crore on y-o-y basis driven largely by price increases in soaps and detergents, while the operating profit margins in the quarter rose 160 basis points at 14.72% from 13.12% in a year ago,” country’s largest consumer goods maker said in a filing to the stock exchanges.
The overall market breadth is positive as 944 stocks have advanced against 392 declining ones, on the BSE.
