Markets Marginally Higher

The Indian markets opened their first trades of the day higher in the positive territory. At present though, both the indices are trading marginally higher by 0.07%. Overnight, the US and European markets closed higher on a positive note. However, it seems that our markets are waiting for some positive cues from inherent factors before moving higher in tandem with other global markets. At present, they look more in a consolidation mode.

Among the sectoral indices, Realty, Auto and Bankex are trading higher in the green, while FMCG, IT and Teck are lower in the red zone.

The Asian markets also opened higher today and are trading on a positive note. Major indices like Hang Seng, Shanghai and Nikkei are up in the range of 0.6%-1.6%. The Sept quarter GDP for China came in at 7.4%, in line with the street's expectations. This marks China's slowest pace of growth since the first quarter of  2009. Bloomberg reports say that yesterday, the economy minister called for stronger stimulus from the Bank of Japan, which convenes at the end of the month.

Back home, Tata Power continues yesterday's momentum and is the leading index gainer, trading higher by 2.36% at Rs 106.15 per share. Auto biggies like Hero MotoCorp, Tata Motors, Bajaj Auto, M&M and Maruti Suzuki have seen gains in the range of 0.4%-0.8% so far. Other stocks like Hindalco, ICICI Bank, Dr Reddy's Labs, ONGC, etc. are also trading higher in the green zone.

On the flip side, Bharti Airtel is the leading index loser, down by 1.91% at Rs 265 per share. Other stocks like Jindal Steel, Sun Pharma, Wipro, RIL, NPTC, etc. are also trading in negatives.

The market breadth, which indicates the overall health of the market, is strong at the moment. On the BSE, 1131 shares advanced, 706 shares have declined and 94 shares are unchanged.We expect the markets to consolidate further.