The Indian market has ope
ned with a positive bias, with the BSE Sensex and the NSE Nifty posting modest gains in early morning trade. However, the two main indices are struggling to hold on to the gains as weakness in banking major SBI continues to weigh on the sentiment. The market breadth is not great with the non-index counters too not going anywhere in a hurry.At 09:25 am (IST), theBSE Sensex was trading at 18,180, up 39 points over the previous close. It had earlier touched a day's high of 18,218 and a day's low of 18,114. It opened at18,177.
NSE Nifty was trading at 5,444, up 5 points over the previous close. It had earlier touched a day's high of 5,460 and a day's low of 5,429.It opened at 5,448.
The BSE Small Cap index and the BSE Mid Cap index were trading flat.
In terms of sectors, FMCG and Capital Goods were leading the rise withthe indices up ~1%. Select, IT, Power and Metal were up marginally. PSU, Auto,Oil & Gas and Banking indices were down 0.5-0.2%.
Wipro, HDFC,ITC, L&T, BHEL, Hindalco, TCS, Bharti Airtel, Power Grid, Hero Honda, RCOMand HUL were among the clear winners on the Sensex and the Nifty.
SAIL, TataMotors, BPCL, Maruti Suzuki, ACC, NTPC, Cairn India and GAIL were among the major laggards in the Sensex and the Nifty.
Shares of mid-cap IT firm Mphasis are down sharply after its US parent Hewlett-Packard announced disappointing outlook overnight. HP shares fell 8% in the US trading.
Among the index heavyweights, Tata Motors and Reliance Industries are in thered while ONGC has recovered. ITC and L&T are up ahead of their results over the next couple of days.
In global action, most Asian markets are trading on a firm footing. European markets closed sharply lower amid sovereign debt worries. US stocks recovered to end off intraday lows. Crude oil in New York is up from a three-month low. In currencies, the yen is at a one-week low versus the euro while the British pound has gained against the dollar.
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