Markets flat with a positive bias

Reliance Industries, HDFC Bank, Sun Pharma and ONGC among the top gainers

After trading in the red, the markets moved into the positive territory owing to the strength in heavyweights like Reliance Industries, HDFC Bank, Sun Pharma and L&T in noon deals. At 1305 hrs, the Sensex was up 35 points at 19,580 and the Nifty gained seven points to trade at 5,927.

In the broader markets, the mid and smallcap index was up nearly 0.1%, underperforming the BSE benchmark index which gained 0.2%.

Asian shares hit 2013 lows on Wednesday as uncertainty over when the Federal Reserve would begin trimming its massive stimulus program fanned worries about funds exiting the region, raising caution before key U.S. jobs data later this week.

MSCI's broadest index of Asia-Pacific shares outside Japan slid as much as 1% to a six-month low, after snapping a four-day losing streak on Tuesday.

Trading remained extremely choppy for Japanese stocks, with the benchmark Nikkei average adding as much as 1.3% before beginning a tumble that left it off 3.9% for the day to a fresh seven-week lows.

European stock markets too opened with a red tick. All the major indices including CAC, DAX and FTSE started lower by 0.7-0.8%.

Back home, among the sectoral indices, FMCG, IT, Consumer Durables, Power, Bankex and Metal indices were in the red, losing 0.04-0.8%.

Meanwhile, Oil & Gas, Realty, Health Care, Capital Goods and Auto were up 0.1-0.6%.

The movers among the Sensex-30 were Sun Pharma, Gail India, Hindalco, Reliance Industries, HDFC Bank, and ONGC up 0.9-2%.

Among the draggers were ITC, Wipro, Infosys, HDFC, Coal India, Bajaj Auto, Bharti Airtel, Tata Power and Hero MotoCorp down 0.4-1.2%.

The market breadth was negative. 1111 stocks declined while 936 stocks advanced on the BSE.