Indices are holding on nicely on expectations of good quarterly results from select sectors and continued fund inflows. Weakness across major global markets and negative FII investment figures has not affected the sentiment so far.
The Sensex opened at 11693 and touched a low of 11594. The index is trading higher by 16 points at 11678 at 11.10 AM.
The Nifty opened at 3479 and saw a low of 3449 in early trades. The index is trading lower by 3 points at 3476.
Hindalco is the biggest gainer among index stocks, trading more than 3 per cent higher. Expectations of high product prices and news of an IPO by its Australian subsidiary are keeping the stock in an up trend.
Nalco has added close to 2 per cent.
ACC is continuing the uptrend from Friday and has added another 2 per cent. The company is due to announce March quarter results today.
Reliance Industries has rallied in morning trades, helping the frontline indices to recovery from their lows. The stock has added close to 2.5 per cent.
Tata Power has gained over 2 per cent in morning trades.
Among the pharma stocks, Glaxo has gained over 1.5 per cent while Dr. Reddy has added over a per cent.
IPCL, Tata Tea and ABB are the other major gainers among index stocks.
Tata Chemicals is the biggest loser among index stocks after the company said it has received a large excise duty claim. The stock is trading nearly 2.5 per cent.
Hero Honda has lost more than 2 per cent on reports of a workers' strike at its plant in Haryana.
Technology stocks are weak as they head into the results season. Wipro has lost over 2 per cent while TCS is trading nearly 2 per cent lower. Satyam has lost close to 1.5 per cent while Infosys has given up nearly a per cent.
Jet Airways has given up more than a per cent after the recent gains. Tata Motors has also declined a per cent after Monday's rally.
HDFC and HDFC Bank have given up more than a per cent each in early trades.
Mid-caps are outperforming large caps and the mid-cap index has crossed 5000 once again. The index is trading with gains of more than 0.5 per cent. Market breadth is considerably positive.
Sterlite Opticals, Essar Oil and KEI are among the major gainers in mid-caps.
Shivalik Global, Hexaware and Malu Paper are among the mid-cap losers.