FIRST TRADE: Indices open marginally higher; Sensex gains 101 points, Nifty at 24,624

Amid positive cues from the Asian markets, Indian equities opened in Tuesday's session. At the open, Nifty50 was up just 5.2 points or 0.02 per cent at 24,624.2, while the Sensex was up 0.12 per cent or 100.78 points at 81,609.24.

Sectorally, in a mixed session, realty stocks buzzed with gains of nearly 1 per cent, followed by pharma and FMCG stocks. Nonetheless, laggards included sectors like auto and private bank.

Broader markets meanwhile showed resilience with the Nifty Smallcap 100 index up 0.35 per cent.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, "Market is likely to move in a narrow consolidation pattern in the near-term. There are no major triggers that can push the market into anew bull orbit. Also, there are no major triggers that can cause a deep correction from the current levels. Within the range,  there are significant down moves and up moves."

The resilience of banking and IT stocks is likely to continue for some more time since there are tailwinds that can support their up move, he added.

Prashanth Tapse, Senior VP (Research), Mehta Equities said, "Markets may see a steady opening with a mixed bias as global indices are exhibiting a cautious trend amid growing uncertainty in the MIddle East after the collapse of Syria. Local investors would look for cues from European markets as any flare up in the conflict in West Asia or Middle East could trigger risk-off sentiment in equities."

Although FIIs have been net buyers of local equities over the past few trading sessions, investors will be looking forward to domestic inflation and IIP data to be announced later this week. 

Technicals

Akshay Chinchalkar, Head of Research, Axis Securities said, "The Nifty finds itself in a state of price compression based on two types of popular "Narrow Range" patterns that suggest a trending type of move may just be around the corner." The bias remains higher as long as the 24360 - 24445 area holds, with the upside hurdle range coming in play between 24800 and 25000, he added.

Asian markets

The key MSCI Asia ex Japan index was up marginally by 0.07 per cent. Most Asian markets were trading in the green amid optimism concerning more stimulus aid from China. In its meeting on Monday, the Chinese government hinted to offer more proactive stimulus measures coupled with resorting to a moderately loose monetary policy next year.