Benchmark equity indices shut shop in the positive terrain on Thursday led by the strong global cues. The key indices witnessed a positive opening in line with their Asian peers. The Sensex managed to touch fresh high for the day in late afternoon trades but failed to sign off near that level. Oil & gas, consumer durables and public sector undertaking counters were the major gainers in trade. State-run oil marketing companies saw good buying in trade after some media reports suggested that the Centre may compensate them in the form of cash instead of oil bonds for selling fuel at below market rates. Meanwhile, fast moving consumer goods, realty and banking counters could not hold on to their early gains and they inched lower in late trades. Index heavyweights -- ONGC and RIL -- set the trend for the session. Both scrips surged almost 3% each in trade. RCom was the biggest gainer among front liners, soaring over four percent. Reliance Infratel, telecom tower arm of RCom, is believed to have received regulatory nod for its 156 million share initial public offer (IPO). Overwhelming response to the IPO of IT services provider Infinite Computer Solutions also boosted sentiments among investors. The issue, which closed on Wednesday, was subscribed 43.22 times. Finally, the BSE Sensex added 75.07 points or 0.43% to settle at 17,584.87, while the S&P CNX Nifty rose 25.95 points or 0.50% to close at 5259.90.

The US markets closed modestly higher on Thursday, the technology stocks, on speculation that business spending will help increase profits in the sector once again led indices to make a close of gains. The markets got a good start  encouraged with SAP results, a major business software maker based in Germany, said its fourth-quarter revenue fell less than forecast. Also the Commerce Department reported that businesses increased their inventories by a larger-than-expected amount in November. Inventories rose by 0.4 percent. Meanwhile the government also reported that retail sales fell 0.3 percent in December. The Dow Jones Industrial Average was up by 29.78 points, or 0.28%, to 10,710.55, its highest close since October 1, 2008. The broader Standard & Poor's 500 index added 2.78 points, or 0.24%, to 1,148.46, and the Nasdaq composite index closed higher by 8.84 points, or 0.38%, to 2,316.74.

Crude prices declined for the fourth consecutive day on Thursday, in initially trading the crude prices surged and went past $80 a barrel but retreated in late trades on weak economy data. The top US futures market regulator on Thursday proposed sweeping rules to limit the influence of big traders in energy markets. Benchmark crude for February delivery fell 26 cents to settle at $79.39 a barrel on the New York Mercantile Exchange, after hitting a day high of $80.36 earlier in the session. In London, Brent crude for February delivery gave up 40 cents to $77.91 a barrel on the ICE Futures exchange.

The Indian rupee advanced further on Thursday, the domestic currency made a good start taking cue from the dollar weakness against other major currencies and the gains in share markets. Though, the monthly inflation figures jumped to a one-year high in December and raised apprehension that the apex bank will go for some monetary tightening later this month. Finally the rupee closed flat at 45.62, same to its Wednesday's close.

The FII on Thursday were the net sellers in the equity segment with gross buying of Rs 3622.00 crore against gross sell of Rs 3665.50 crore, while in the debt segment they were the net buyers with a gross purchase of Rs 1685.80 crore against gross sales of Rs 404.10 crore.

The US markets closed modestly higher on Thursday though the economy reports were not so good but the technology stocks took the major indices into green on expectation that business spending will help increase profits in the sector. The Asian markets have made a mixed start some indices are trading marginally in red while others are flat. The domestic markets, in previous session closed with gains despite a volatile session, helped by the oil & gas and consumer durables stocks, but today the indices may remain cautious and trade range bound in the absence of any fresh cues either domestic or global.

Support and Resistance: S&P CNX Nifty and BSE Sensex

                                                          Nifty Top volumes

• Uninor, the joint venture between Unitech Wireless and Telenor ASA has added 1.2 million subscribers in December.
• Jaiprakash Power Venture (JPVL), power business company of Jaiprakash Associates, is raising Rs 1,500 crore through a qualified institutional placement.
• It is reported that Reliance Industries may go in for another round of treasury share sale if demand exceeds $1 billion.
• Wipro is likely to launch $1 billion sponsored ADR issue and Goldman Sachs, Citigroup and Credit Suisse are likely to manage the offer.
• Idea Cellular has introduced two SMS packs of unlimited local or national SMS for its GSM Prepaid customers in Assam telecom circle.