Markets gain after a flat start; RIL, SBI up over 1%

SBI and HDFC twins among the top gainers of the hour

After a flat start, gains in blue chips helped the benchmark indices edge higher in the opening hour of trade. At 1015 hrs, the Sensex was up 91 points at 22,186 and the Nifty gained 31 points to trade at 6,632.

Broader markets extended gains. The smallcap index gained 1% and the midcap index advanced 0.7%

RIL, ITC, SBI and HDFC twins were the top gainers.
________________________

(Updated at 1015 hrs)
Markets had a flat start with the Sensex up 20 points at 22,115 and the Nifty gained six points to trade at 6,607 ahead of March F&O expiry due today.

There was some buying in the broader markets as both the mid and smallcap indices gained 0.4% each, outperforming the BSE benchmark index which was flat.

Sectors & Stocks

Among the sectoral indices, Oil & Gas and FMCG indices down 0.1-0.3% were the only indices in the negative territory.

Consumer Durables index was flat with a negative bias.

Meanwhile, Realty, Power, Auto, IT and Health Care indices added 0.2-0.6%.

Index heavyweights, SBI and Reliance Industries adding 1% each were the top gainers among Sensex-30.

Sun Pharma, Gail India, Mahindra & Mahindra, Bharti Airtel, Tata Motors, Wipro, Hindalco, Bajaj Auto and Cipla up 0.6-0.9% were the notable gainers in opening trades.

Coal India, ONGC, TCS, Sesa Sterlite, Maruti Suzuki, L&T and ICICI Bank down 0.3-1.4% were the major losers.

In other stocks, Talwalkars Better Value Fitness surged 12% to Rs 178 on media reports that UK’s health and fitness group The David Lloyd eyes minority stake in the company.

The market breadth was positive on BSE. 886 stocks advanced while 355 stocks declined.

Global Markets

In Asia, markets were in skittish mood on Thursday following a late dip on Wall Street, with Tokyo stocks slipping as investors counted down to a rise in sales tax that is expected to swat consumer spending and test the market's faith in Abenomics.

The Nikkei fell 1.2% to threaten major chart support around 14,203, a break of which could trigger a retreat to 14,000.

MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2%. Stocks in South Korea, Taiwan and Singapore all managed minor gains.

Overnight, U.S. stocks fell on Wednesday, led by losses in the technology and materials sectors, as geopolitical concerns rose after the United States and the European Union agreed to work together on tougher sanctions on Russia.

Trading remained choppy with U.S. stocks mostly positive in the morning after U.S. economic data pointed to improving conditions.

The Dow Jones industrial average slipped 0.60%, to end at 16,269. The Standard & Poor's 500 Index dropped 0.70%, to finish at 1,853 The Nasdaq Composite Index fell 1.43%, to close at 4,174.