Nifty, Sensex firm; Jet Airways, Tata Motors business lead early gainers

Key collateral indices were in early trade up, but on low volumes simply because traders view macro-economic events and corporate earnings development nervously.

Tuesday on, global rating company Fitch retained its negative outlook on India and said the government’s recent measures were not sufficient to address the fiscal mess

The Sensex was up 48 points at 19790, and the Nifty was up 8 points at 6010.

The next key short term triggers for the market are the industrial output data for November and Infosys other quarter earnings, both due Friday.

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The widely-held view is that the stock valuations broadly are beginning to look expensive after the run-up since November. And while the sentiment is positive, investors are likely to focus on selective stocks, limiting the chances of a broad-based upmove as was seen recently.

Jet Airways, Tata Motors, HDIL, and Indiabulls Finance led early gainers, up 2-3 percent.

Jet Airways shares, trading at Rs 606, have been steadily climbing in anticipation that Gulf-based Etihad will shortly buy a strategic stake in the Indian carrier at a significant premium.

In sectorwise trends, shares from auto and realty sectors are doing well at this hour, as these are sensitive to interest rates and may gain if the RBI cuts prices at its January 29 meeting as widely anticipated.

FMCG and banking shares were flat.

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