Mixed trend in the US markets yesterday and modest losses across major Asian markets have not stopped Indian markets from opening with gains today. The Sensex maintained its date with the 11000 mark as expected.
The index went just 2 points shy of 11000 within minutes of the opening bell before retreating, but crossed the mark in its second attempt, a few minutes later.
Asian markets are trading weak in morning trades. Hong Kong, South Korea and Singapore are all trading with modest losses.
The Sensex opened at 10946 and saw a high of 11001. The index is trading higher by 35 points at 10976 at 11.10 AM.
The Nifty opened at 3265 and saw a new lifetime high of 3288 in early trades. The index is trading higher by 14 points at 3279.
Hero Honda is the biggest gainer among index stocks having gained close to 2.5 per cent.
Power utility stocks are attracting interest in early trades after reports that the government is readying to amend laws to allow private sector participation in nuclear power generation. Reliance Energy has added close to 2 per cent while Tata Power, which started work on a 250 MW plant yesterday, has added 1.5 per cent.
Pharma stocks Cipla and Glaxo are among the gainers with gains of over 1.5 per cent each.
MTNL is maintaining its uptrend and has gained close to 1.5 per cent today.
Capital goods stocks BHEL and ABB are strong and have added over 1.5 per cent each.
Tata Chemicals, IPCL and Tata Steel are among the other major gainers.
Zee Tele has come under some selling pressure after gaining close to 28 per cent in the last one week. The stock is trading over 2 per cent lower and is the biggest loser among index stocks.
Technology stocks are also under some pressure after yesterday's rally. Infosys has given up close to a per cent while Wipro has declined by more than 0.5 per cent. TCS and Satyam are also trading lower.
HDFC has lost close to 2 per cent. HDFC Bank has given up close to a per cent.
Tata Motors, Dabur and Gujarat Ambuja Cements are also among the losers in large caps.
Mid-caps have also gained in early trades and the mid-cap index has gained close to 0.5 per cent. The market breadth is positive in early trades.
Sugar stocks are doing well today, led by Bajaj Hindustan. Triveni Engineering, Sakthi Sugar and Shree Renuka are among the other major gainers.
Newly listed stocks are continuing their rally today as well. Pratibha Industries, Indo Tech Transformers, BL Kashyap and M&M Financial Services are among the major gainers.
Khandwala Securities, TV 18 and Goetze are among the major gainers in mid-caps.
TTK Prestige, SKM Egg Products and MGF are among the mid-cap losers.