The BSE Sensex opened higher on Monday but gains were capped in the absence of domestic or global cues. The Sensex traded 38 points or 0.2 per cent higher at 20,142 while the 50-share Nifty advanced 10 points to 6,085 as of 09.30 a.m.
Markets witnessed strong gains on Friday on hopes that the central bank would cut repo rate when it reviews monetary policy tomorrow. However, the probability of a rate cut seems to be priced in, analysts said.
Market analyst Sarvendra Srivastava said he was cautiously optimistic that the Nifty would not break 6,000 levels and added that targets of 6,400 are still possible.
Rate sensitive stocks - banks, auto and realty - saw buying interest. Energy stocks were under some selling pressure.
Maruti Suzuki, India's biggest car maker, was the top Nifty gainer, up nearly 2 per cent after brokerages such as UBS and CLSA upgraded the stock on strong Q3. Maruti said net profit more than doubled for the three months to December. (Read full story)
Two-wheeler maker Hero MotoCorp and realty major DLF were the other big gainers on the Nifty, trading 1.5 per cent higher.
Drug maker Sun Pharma was the top loser among the 17 stocks that traded lower on the Nifty. State-owned explorer ONGC saw profit taking and declined 1.7 per cent. Reliance Infra fell 1 per cent ahead of reporting Q3 numbers.
HDIL shares, which have seen a major crash last week, extended declines. The stock traded nearly 2 per cent lower after falling over 30 per cent last week.
Jet Airways traded with 2.5 per cent gains on hopes that a deal with Etihad may be announced today.
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