Sensex opens on a positive note

At 9:16AM, the S&P BSE Sensex is trading at 27,638 up 36 points, while NSE Nifty is trading at 8,307 up 14 points.

The BSE Mid-cap Index and BSE Small-cap Index was trading flat.

Consumer Durables, Power, Banking, capital goods, Healthcare, Metal, Realty, FMCG, Oil and gas indices are the gainers, while FMCG, Auto  indices are losers.

GAIL, BHEL, COALINDIA,SUNPHARMA,TATASTEEL, Reliance, Hindalco are among the gainers, whereas HDFC Bank, Infosys, Axis Bank, HUL are losing sheen on BSE.

Flaring fuel prices have become history for now with the price of oil falling below $60 for the first time since July 2009. Declining fuel prices may be good news to India but global markets are witnessing a subdued sentiment on growth concerns. 

As a result, the Indian market too has been at the receiving end with investors choosing to offload shares in sectors and companies which have firmed up recently. RBI governor Raghuram Rajan said Interest rate cuts by itself would not lift the economy.

The government will release the Index of Industrial Production data for October 2014 which is expected to contract compared to October. Inflation based on Consumer Price Index for October 2014 will also be announced and expectations are that it will be well below 5%. The main indices will look at recouping some of its recent losses.

The global cues are mostly positive for now with US markets ending in the green. US retail data and unemployment figures were better than expected. China’s retail sales data is now awaited. Asian markets too are positive. Japan's Nikkei I sup over 1% while Hong Kong's Hang Seng index has gained 0.3%. China's Shanghai index is also up ~0.8%.The rupee, which saw a tumble on Thursday will remain in focus.

The IT pack movement will be tracked with the Indian currency weakening against the dollar and some block sales seen in counters like Infosys or Wipro.  Recently Infosys founders had sold a sizeable stake and on Thursday too some block deals took place. While Azim Premji's 73.43% remains intact for now, Trustees holding shares of Wipro have sold around 18 lakh shares. Between Nov 28 and Dec 11, Nifty fell 1.82%  but BSE IT index lost 7.35% with Infosys and TCS contributing majorly to the fall, says a report.

PM Narendra Modi has discussed a broad range of defense projects with Russia's Putin. Rosneft and  Essar signed key terms of oil and oil products supplies to Essar refineries in India. Supplies may begin in 2015.