New Delhi: The market is trading higher. At early trade the Sensex is up 75.14 points at 8569.43. The Nifty is up 19.95 points at 2578.65 and the CNX Midcap 100 Index is up 27.90 points at 3739.40.
The market breadth is positive, about 1348 shares have advanced, 593 shares declined, and 62 shares are unchanged.
Analysts say that the markets look positive and if the Sensex manages to stay above 8520 levels for the next couple of days, then we are headed for 9000. The sentiment has turned positive on the back of cooling off of global crude price and renewed buying interest by the FIIs.
The BSE Consumer Durables Index has outperformed the other indices. It is up 1.17 per cent amid gains in Su-Raj Diamonds, Blue Star, Whirlpool, Mirc Electronic, Titan, Samtel Color and BPL.
Action is also seen in oil stocks including IOC, BPCL, Kochi Refineries, Chennai Petro, Reliance, HPCL, Gail and Petronet LNG. The BSE Oil & Gas Index is up 0.93 per cent.
Buying is also seen in technology stocks including HCL Tech, Infosys, Wipro, Hexaware Tech, Patni Computer, Satyam and TCS. The BSE IT Index is up 0.91 per cent.
Banking stocks including Andhra Bank, Oriental Bank, IOB, Bank of India, Union Bank, ICICI Bank, Canara Bank, Kotak Mahindra Bank and SBI have also surged. The BSE Bankex is up 0.91 per cent.
Several capital goods, metal and FMCG stocks have also gained. The BSE Capital Goods Index is up 0.82 per cent and the BSE Metal Index is up 0.61 per cent. The BSE FMCG Index is up 0.55 per cent.
Modest gains are seen in auto and pharma stocks.
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