The BSE Sensex gained 80 points in early trade on Thursday tracking positive trade across Asia. The broader Nifty advanced 11 points while the rupee traded higher against the dollar at 53.42.
Markets are likely to be choppy and range bound because of derivatives expiry today. Independent analysts Sarvendra Srivastava said 5,640 is a crucial support for the Nifty.
Stocks have been consolidating after a sharp rise through the month, which has seen the Sensex hit a 14-month high.
Auto stocks were the big gainers today, outperforming other groups of stocks on the BSE. On the Nifty, car maker Maruti Suzuki and commercial vehicles major Tata Motors were among the top gainers, rising nearly 1 per cent each.
35 of the 50 stocks traded with gains on the Nifty. Infra and cement major Jaiprakash Associates was the top gainer, up 1.5 per cent.
Tata Power was the top loser, down nearly 1 per cent on the back of continued profit booking. State-run steel maker SAIL fell 0.9 per cent. The stock will not trade on the Nifty from tomorrow.
Shares in firms promoted by Vijay Mallya extended their gains. Kingfisher Airlines was the top traded stock on the BSE 500. The banking consortium that lent money to the carrier is scheduled to meet the management today. UB Holdings traded 5.6 per cent higher.
Global cues:
Asian shares rebounded but sentiment was vulnerable due to uncertainty over a bailout for Spain and signs of Europe struggling to find a unified approach to tackling its debt crisis as global lenders wrangled over Greek restructuring.
(With inputs from Thomson Reuters)
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