Sensex Falls Over 50 Points, Nifty Near 12,200

Domestic stock markets started Thursday's session on a mixed note, resuming trade after a day's holiday. The S&P BSE Sensex index opened 82.54 points higher at 41,543.80 and the broader NSE Nifty benchmark started the session at 12,211.85, down 2.7 points from the previous close. Gains in auto and metal shares were offset by weakness in energy stocks. Analysts say some consolidation can be expected ahead of the expiry of monthly derivatives contracts due by the end of the session.

At 9:16 am, the Sensex traded 17.81 points - or 0.04 per cent - higher at 41,479.07, while the Nifty was down 8.70 points at 12,205.85.

Thirty one stocks on the 50-scrip index traded higher at the time. Top percentage gainers on the 50-scrip index were UPL, Mahindra & Mahindra, Titan, Cipla and Tata Steel, up between 0.60 per cent and 0.98 per cent. 

On the other hand, top Nifty laggards were Bharti Infratel, Axis Bank, Zee Entertainment, Bharti Airtel and Wipro, down between 0.42 per cent and 0.82 per cent. 

TCS, ICICI Bank and SBI were the top contributors to the gain in Sensex, whereas Reliance Industries, Axis Bank and Bharti Airtel were the top drags.

Equities in other Asian markets were largely flat, with MSCI's broadest index of Asia Pacific shares outside Japan was up 0.04 per cent. 

Japanese stocks rallied after eight sessions of intraday weakness driven by expectations of a US-China trade deal early in the new year. The Nikkei 22 index was last up 0.43%, taking its gains for the year so far to nearly 19 per cent.

The rally was broad-based with investors counting on an end to the prolonged trade war to prop up a market that has been disproportionately hurt by flagging global demand, but led by industrials and consumer discretionary sectors.