Nifty 50 September Futures (11,490)

Despite the Asian markets being flat, the Indian benchmark indices opened with a gap up. Both the Nifty 50 and the Sensex spot indices inched up and are now trading higher by 0.5 per cent and 0.8 per cent, respectively. Among the Asian majors, the Nikkei 225 and the Hang Seng are flat today.

The market breadth of the Nifty 50 index is neutral i.e. the advance-decline ratio is at 25-25 even as the index has gained today so far. On the other hand, the mid-cap and the small-cap indices are trading in the red between 0.4 and 1 per cent. That is, only the front-line stocks seem to be gaining; that too, not all the stocks are up. This is not a good sign from the sustainability point of view.

Among the sectoral indices, the Nifty metal index is the top gainer, up by

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