Nifty hovers around 6300; banks weak, IT stocks up

Markets are flat in what is a holiday-truncated week. Traders expect some volatility in the session ahead of December expiry of derivatives contracts, due Thursday.

The market makes mild moves as the Nifty opens below 6300. The Nifty is up 11.95 points or at 6296.45. The Sensex is up 43.33 points at 21144.36.

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NGC , BHEL , Coal India , L&T and HUL are top movers in the Sensex. Among the losers are Sesa Sterlite, Tata Power , Maruti Suzuki, HDFC Bank and ITC .

BSE capital goods index trading up 0.6 percent and is among the top sectoral gainers; metals index starts the session at the bottom of the sectoral pack with losses of 0.6 percent.

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The rupee started off trade with 12 paise gains on Tuesday at 61.83 against the US dollar versus previous day’s closing of 61.95 per dollar.

Pramit Brahmbhatt, CEO of Alpari India feels the rupee should continue trading strong today. Positive dollar inflows from FII community and weak dollar in the international markets will also help, he adds. “However month end dollar demand from importers and cautious trading ahead of the holiday season might play a bit of spoil sport. The range for the day seen between 61.60-62.47/USD,” Brahmbhatt says.

Among the global markets, the US added to gains on Monday with key indices closing at record highs following a rally in tech shares and upbeat economic data. European markets logged their fourth day of gains.

In an exclusive interview to CNBC-TV18, RBI governor Raghuram Rajan said that a rate hike could be just around the corner as he asserts that the RBI is not done hiking rates. He also warns investors not to bet against the central bank.