Markets edge higher, Q3 earnings weigh

BSE-Auto, consumer durables, metals pull index up

Indian shares edged higher after opening flat on Wednesday tracking recovery in Asian markets on hopes  of policy easing by Bank of Japan to boost growth in world's third-biggest economy .

Trading was, however, cautious ahead of the Oct-Dec earnings starting this Friday.Infosys, the bellwether stock of Information Technology index, will unveil its third quarter performance amid fear software maker may cut its revenue guidance for the next quarter.

At 09:40AM, the 30-share Sensex of the Bombay Stock Exchange gained 54 points and traded at 19,797.56  and the 50-share Nifty rose 12 points at 6,013.15 .

Global risk appetite was  weak as investors were closely monitoring the earning results of companies globally.
Meanwhile, China’s trade data for December along with European Central Bank policy meet on Thursday will also weigh on sentiments of the investors.

Asian markets too traded flat with a positive bias. Hong Kong's Hang Seng gained 0.3% to 23,180, Taiwan's Weighted index rose 0.3% to 7,745,  Singapore's Straits Times was up 0.24% to 3,213 . Also China's Shanghai Composite gained 0.1% to 2,277 while Japan's Nikkei rose 0.5% to 10,559.

On the domestic front, barring FMCG, all sectors indices gained. Auto, healthcare, real-estate, Consumer durables, metals, technology, power, IT led gains on BSE.

Among key Sensex stocks,  laggards included Wipro shedding 0.8%, HDFC and HDFC Bank dropped 0.6% and 0.2% while ICICI Bank declined 0.4% on BSE.

The gainers included Tata Motor and Mahindra & Mahindra gaining 3.4% and 0.23% respectively, pharmaceuticals stocks such as Cipla and Sun Pharma that rose 1%, while among metals Hindalco and Sterlite gained 0.8% and 0.5%. Infosys rose 0.4% and Reliance Industries was up 0.6% on BSE.

The other key notable movers include,  Chemfab Alkalis soared 17% to Rs 89.95 after reporting over two-fold jump in net profit at Rs 6.86 crore for the third quarter ended December 2012 (Q3) on the back of higher sales.

The broader markets gained with mid-caps and small-caps  rising 0.3-0.4% on BSE.

The market breadth was negative. Out of 1,277 stocks traded, 916 stocks advanced compared to 305 declines on BSE.