The markets have jumped into the green tracking global cues and the benchmark indices have topped key psychological levels. At 2.40 pm, the BSE Sensex was trading at 18,057, up 80 points and the NSE Nifty stood at 5,426 advancing 27 points.
The European markets opened in the red but were trading with strength after the Dow futures indicated that the Wall Street might open gap up. The Dow futures were up 86 points at 10,144 indicating that investors have taken the 'unusually uncertain' outlook of Fed into stride.
The CAC 40 in France was up 1.06 per cent, Germany's DAX gained 1.02 per cent and Britain's FTSE advanced 0.55 per cent at 2.44 pm.
Metals extended their gains and the metal index rose 0.85 per cent. Sterlite Industries rose 1.13 per cent and Tata Steel gained 1.10 per cent. However, investors piled up defensive stocks in a clear signal that global cues might push the Indian markets on a downward path. Consumer durables led the gains and FMCG index rose 0.66 per cent. ITC rose 1.06 per cent. The company's net profit rose Rs 1070 cr. vs Rs 879 cr. YoY. Cipla gained 0.86 per cent.
Realty, IT and banking stocks fell. ICICI Bank fell 1.15 per cent, Infosys declined 0.84 per cent and DLF was down 0.70 per cent.
12 stocks advanced on the Sensex while 18 declined. ICICI bank, Infosys and RIL were major drags pulling the Sensex down. HDFC pushed the Sensex up.
Broader markets saw buying interest. The BSE small cap index gained 0.22 per cent and the CNX midcap rose 0.01 per cent. 46 per cent stocks advanced on the BSE indicating that the market breadth remained negative.
Among the stocks, United Breweries rose 19.98 per cent. The company's sales increased 37 per cent YoY and PAT rose 114 per cent YoY.
Everonn rose 0.90 per cent. SKIL will make an offer for 20 per cent stake in the company.
Bajaj Auto rose 2.73 per cent on good earnings. The company's net profit more than doubled. Idea Cellular, Punjab National Bank and ACC will report their earnings today.
Power Grid rose 1.45 per cent. The government has approved a FPO.
Overnight, the Wall Street fell after Fed's Chairman Ben Bernanke said that the 'economic outlook remained unusually uncertain'. Bernanke was addressing the bi-annual testimony of the Congress. Jittery investors, already reeling under a slew of bad news on the economic front - housing, employment, retail, consumer confidence- choose to sell off and pursue risk averse strategies. The Dow fell 109 points or 1.1 per cent to 10,120.
Taking cues from the Wall Street, the Asian markets declined. The Nikkei 225 in Japan fell 0.62 per cent to 9,220. The Kospi in South Korea fell 0.76 per cent. However, the Chinese markets extended their gains to a third day today.