Markets open in green; Sensex above 9,000

Mumbai: The markets are trading up in early trade and are continuing Monday's rally further. Positive Asian markets and an uptrend in SGX Nifty are suggesting a good day for markets. Buying is seen in private banking, metal, oil, power, technology, and telecom stocks. The Nifty is getting resistance at 2850 mark.

At 9:56 am, the Sensex rose 178 points to 9,341 and the Nifty gained 54 points at 2,838. CNX Midcap Index went up 33.45 points to 3,361. Market breadth is positive; about 339 shares have advanced while 121 shares declined.

ICICI Bank, DLF, Reliance Petroleum, Sterlite Industries, HDFC Bank, Infosys, Jaiprakash Associates, Tata Communication, Reliance Industries and Reliance Communication are major gainers.

Asian markets are trading higher barring Shanghai. Hang Seng, Nikkei, Kospi and Taiwan gained 2.5-3%. Jakarta and Straits Times rose 0.8-1.2%. However, Shanghai fell 1.16%. SGX Nifty surged more than 2%.

Nymex January crude gained 3.5% on estimates of sizeable output cut from OPEC. Market participants are estimating a cut of 2-2.5 mbpd from OPEC. IEA has lowered demand for 2009 by 0.8% to 86.5 mbpd. It is currently trading at USD 43/bbl.

US markets declined on Tuesday as more layoffs and lowered outlooks tripped the momentum out of the recent rally. The Dow plunged 242.85 points, or 2.72%, to 8,691.33. The S&P 500 index declined 21.03 points, or 2.31%, to 888.67. The Nasdaq composite index fell 24.40 points, or 1.55%, to 1,547.34.

Market cues:

US markets slip, Asian markets open in the green

FIIs net buy USD 12.7 milion in equity on December 7

NSE F&O Open Int up by Rs 3,903 crore at Rs 47,971 crore

F&O cues:

Futures Open Int up by Rs 2,315 crore, Options Open Int up by Rs 1,588 crore

Stock Futures add 2.7 crore shares in Open Int

Nifty Futures add 39 lakh shares in Open Int, at 7-point premium

Nifty Open Int PCR at 1.13 versus 1.08

Nifty Puts add 34 lakh, Calls add 17 lakh shares in Open Int

Nifty 2700 Put adds 10 lakh shares in Open Int

Nifty 2800 Put adds 6 lakh shares in Open Int

Nifty 2800 Call adds 6.2 lakh shares in Open Int

Nifty 2900 Call adds 4 lakh shares in Open Int