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Midcaps outperform in a flat market; BSE Midcap index up 0.5%

Investors remain cautious ahead of F&O expiry for the month of December on Thursday

SI Reporter  |  Mumbai 

Markets open marginally positive tracking mixed global cues

Benchmark shares indices are trading in a tight range with Sensex and Nifty oscillating between negative and positive zone ahead of Dec F&O expiry tomorrow.

By 10:30 am, the S&P BSE Sensex was trading higher by 38 points at 25,086 and Nifty50 gained 4 points at 7,933.

Among broader markets, BSE Midcap and Smallcap indices are up 0.4%-0.5%. Market breadth is positive on the BSE with 1,323 shares advancing and 720 shares declining.

Tata Steel, Dr Reddy’s Labs, BHEL, NTPC and HDFC are the top five gainers from the Sensex pack. However, ICICI Bank, Reliance Industries, Hero Moto, Asian Paints and Bajaj Auto have slipped between 0.3%-1%.

Updated at 9:30 am

have started the session on a marginally positive note tracking mixed trade across the globe.

Besides, investors have turned cautious ahead of F&O expiry for the month of December. Traders will roll over their positions in the futures & options (F&O) segment from the near month December 2015 series to January 2016 series on Thursday.

By 9:25 am, the S&P BSE Sensex was trading higher by 38 points at 25,117 and Nifty50 gained 6 points at 7,935.

Broader continue to outperform the benchmark indices- BSE Midcap and Smallcap indices are up 0.3%-0.4%.

"Traders should keep booking profits once the Nifty reaches mentioned levels of 7950 – 7970. This resistance zone coincides with the recent high and the daily ’89 EMA’ and thus, a slightly cautious approach is required. On the flipside, 7852 would now be seen as an immediate support level for the index. At this juncture, a prudent strategy would be to continue with a stock centric approach, “adds Angel Broking's morning report.

In the overseas market, Asian shares glided higher in early trading on Wednesday, taking their cues from overseas gains, although investors are cautiously watching to see whether renewed selling in crude oil futures will dent sentiment.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%, on track for a monthly gain of 0.4% though down nearly 12% for the year. Australian shares were up 0.9%.

Back home, Bharti Airtel has acquired 74% stake in Augere Wireless, which holds 4G spectrum in Madhya Pradesh, but did not disclose financial details of the deal. Shares of Bharti Airtel are up over 1%.

HDFC Bank reduced its base rate, or minimum lending rate, by five basis points (bps) to 9.3%, making it on a par with that of State Bank of India.

Standard Life received FIPB approval to hike stake in HDFC Life Insurance from 26% to 35%. The foreign insurer will pay Rs 1,705 crore for the nine per cent stake it is buying, valuing the company at Rs 18,951.4 crore.

HDFC is up around 1% whereas HDFC Bank is trading marginally positive.

Other notable gainers are Tata Steel, Tata Motors, Dr Reddy’s Labs, NTPC, ONGC and GAIL.

On the losing side, ICICI Bank, Reliance Industries, Hero Moto, M&M and Maruti Suzuki have slipped marginally.

Auto shares are trading mostly weak ahead of their December 2015 sales numbers to be announced later this week.

With Reuters input

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First Published: Wed, December 30 2015. 10:32 IST