Indian markets moved higher Wednesday in line with other Asian peers. However, the trade is expected to turn choppy as the session progresses ahead of settlement of December series F&O expiry.
As far as the market is concerned, the lackluster and rangebound pattern of December will continue. Traded volumes, which have been disappointing of late, could get some boost thanks to the F&O expiry on Thursday.
The broader market may fare a bit better than the large caps in the near term. But, be careful while dealing in illiquid and dodgy counters. Not too much should be made of the excruciatingly dull markets as movements are exaggerated either higher or lower. As the volatility ebbs, wide move of 100 points is expected on the breakout beyond 5970-6020, said IIFL report.
At 10:10 am; Bombay Stock Exchanges Sensex was at 20117.50, up 92.08 points or 0.46 per cent. The 30-share index touched a high of 20122.49 and low of 20054.64 in trade so far.
National Stock Exchanges Nifty was at 6021.50, up 25.50 points or 0.43 per cent. The broader index touched a high of 6025.10 and low of 6002.85 in early trade.
BSE Midcap Index was up 0.46 per cent and BSE Smallcap Index rose 0.68 per cent.
Amongst the sectoral indices, BSE Metal Index was up 1.17 per cent, BSE Bankex gained 0.74 per cent and BSE PSU Index advanced 0.59 per cent. BSE Auto Index was down 0.27 per cent.
Sensex gainers included Hindalco Industries (1.79%), HDFC (1.31%), Sterlite Industries (1.28%), Jindal Steel (1.20%) and Tata Steel (1.05%).
Wipro (-0.79%), Tata Motors (-0.70%), Reliance Communications (-0.61%), Cipla (-0.59%) and M&M (-0.51%) led the losers pack.
Market breadth was positive on the BSE with 1801 advances as compared to 541 declines.
Meanwhile, the Asian markets were witnessing buying activity. Nikkei 225 was up 0.41 per cent, Hang Seng gained 0.96 per cent and Strait Times advanced 0.56 per cent.