Markets flat with a positive bias

Gain in global markets along with smart moves in ICICI Bank, Infosys help the indices to remain in green

Markets turned flat, though trading marginally in the green on account of the gains in names like ICICI Bank, Infosys and Sun Pharma which has offset the losses in FMCG majors and Tata Motors. At 1300 hrs, the Sensex was up five points at 19,444 and the Nifty was up seven points to trade at 5866.

Meanwhile, the broader markets were firm, maintaining gains with both the mid and smallcap indices gaining 0.3% each as compared to the 0.01% loss seen on the BSE benchmark index.

After opening firm, the Indian currency has weakened in noon trades. The rupee was at 59.99/60.00 per dollar at 1300hrs, compared to its close of 60.14/15 on Tuesday.

In Asia, Chinese shares rose sharply on Wednesday, with traders citing talks that China's central bank may ease policy to boost growth after the country's exports fell for the first time in 17 months.

China's CSI300 index gained 2.2%, however, on the easing talk.

MSCI Asia-Pacific ex-Japan index .MIAPJ0000PUS was up 0.7% after gaining as much as 1.2% to a one-week high before the Chinese data. Earlier, Asian shares were buoyed by Wall Street's gains on optimism for U.S. company earnings.

European shares opened steady with all the major indices- CAC, DAX and FTSE gaining 0.1-0.2%.

Back home, among the sectoral indices, Metal, Oil & gas, Auto and FMCG indices were trading in the red, losing 0.1-0.6%. Meanwhile, Consumer Durables index was the top gainer, up over 2% followed by Bankex, Health Care, It, Tech, Power, Realty, Capital Goods and PSU indices which added 0.1-0.8%.

The top gainers among the Sensex-30 were Tata Power, ICICI Bank, Wipro, Sun Pharma, SBI, Jindal Steel and Infosys adding 0.6-1.5%.

Among the ones in the red were FMCG majors Hindustan Unilever and ITC which lost 2% and 0.4%respexctively.

From the Auto space, Tata Motors, Mahindra & Mahindra, Hero MotoCorp, Bajaj Auto and Maruti Suzuki lost 0.2-1.3%.

Among metals, Tata Steel and Hindalco slipped 0.9-1.3%.

ONGC, Gail India, Dr Reddys Lab, BHEL down 0.3-0.7% were teh other notable losers.

The market breadth was positive owing to the strength in broader markets. 1,142 stocks advanced while 872 stocks declined on the BSE.