Sensex up 78 points; financial, metal stocks up

Among sectors, BSE Consumer durables and metals are up almost 1%; Bankex, oil & gas and FMCG are the other leading sectors.

Market inched higher after a flat start led by an upmove in financial, consumer durable and metal stocks. 

Index heavyweight Sesa Sterlite is up 2.5% while ICICI Bank, HDFC abs HUL are up over 1% at this hour. 

At 10:35am, the 30-share BSE Sensex was up 78 at 21,025 levels while 50-share NSE Nifty edged 19 points higher at 6,240.

World markets fell on Monday as political tensions between Ukraine and Russia over the Crimean peninsula pushed investors to move into safe havens. U.S. lawmakers claimed that Russia's use of force in Ukraine is in clear violation of its commitments to respect Ukraine's sovereignty and territorial integrity. Amid the focus on Ukraine, traders largely shrugged off a batch of U.S. economic data, including a report from the Institute for Supply Management showing that its purchasing managers index climbed to 53.2 in February from 51.3 in January, with a reading above 50 indicating growth in the manufacturing sector.

"The trend deciding level for the day is 21,003 / 6,237 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 21,084 – 21,222 / 6,262 – 6,303 levels. However, if NIFTY trades below 21,003 / 6,237 levels for the first half-an-hour of trade then it may correct 20,865 – 20,784 / 6,197 – 6,172 levels," says a morning note by Angel Broking

(Update at 1030hrs)
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After a flat start market witnessed a buying interest in consumer durables and metals in morning deals.
 
World markets were dragged down by the worsening crisis in Ukraine a day earlier and it is likely to dominate the sentiment in the near-term. According to reports, Russia's Black Sea Fleet has given an ultimatum to Ukrainian forces in Crimea to surrender failing which they would face a military assault.

At 9:40am, the 30-share BSE Sensex was up 23 points at 20,970 levels while 50-share NSE Nifty edged 5 points higher at 6226 in opening trades.

ICICI Bank, Reliance, HDFC, ITC and Tata Motors are the leading Sensex stocks at this hour.
 
Among sectors, BSE Consumer durables and metals are up almost 1%; Bankex, oil & gas and FMCG are the other leading sectors.
 
Market breath remains firm as 771 shares advanced on the BSE against a decline seen in 471 shares while 61 remained unchanged. 
 
Global markets
 
US stocks tumbled on Monday alongside other risky assets globally as tensions in Ukraine and Russia escalated after Russian President Vladimir Putin declared he had the right to invade his neighbor.

 
News that Ukraine mobilized for war on Sunday and Washington threatened to isolate Russia economically overshadowed better-than-expected U.S. data, including an index showing that factory activity rebounded from an eight-month low in February.
 
Asian shares were on the defensive on Tuesday as tensions over Ukraine showed no sign of abating, with Russia tightening its grip on Crimea while the West sought measures to deter Moscow.
 
Nikkei futures in Chicago pointed to a fall of about 0.4% in Tokyo shares following a 1.3% fall on Monday, while MSCI's broadest index of Asia-Pacific shares outside Japan sagged 0.1%.
 

As investors flocked to safe assets for fear of further escalation in geopolitical tensions, gold stood near a four-month high while the yield on US Treasuries yield dropped to a one-month low, reflecting higher prices for the bon
 
Other shares
 
Ramco Systems is locked in upper circuit of 5% at Rs 220 on the BSE after Malaysia Airlines has announced a strategic partnership with the company for a suite of critical enterprise-wide engineering solutions that includes aircraft maintenance, maintenance service sales, operational, human resources and financial functions.
 
The Malaysia Airlines deal represents the largest win secured by Ramco. The five-year deal is for a suite of critical enterprise-wide engineering solutions that includes aircraft maintenance, maintenance service sales; operational, human resources and financial functions, Ramco Systems said in a statement.

 
A combined 3,796 shares have changed hands on the counter and there are pending buy orders for 32,296 shares on the BSE and NSE at 0930 hours.