MUMBAI: Indian markets opened on a positive note Wednesday taking cues from Asian peers. The upmove was led by gains in PSU, metals and banks while FMCG stocks were subdued.

“FIIs sold Index futures worth 682 crore where open interest went down while index options worth 547 crore were bought by them. 5200 and 5300 strike calls saw good build up where IVs went up indicating shifting of positions from futures to calls. Wipro, HDFC, Dr Reddy and JSW Steel will report their quarterly earnings today among others. While Europe and America closed on a buoyant note, Asian markets are not ready to go along with them as most of them have slipped into the negative territory after opening higher. A decisive close above 5310 is required to put the market back on the bullish track while breach of 5170 will be bearish,” said Anagram Stock Broking note.

Bombay Stock Exchange’s Sensex was at 17586.42, up 100.36 points or 0.57 per cent and National Stock Exchange’s Nifty was at 5253.35, up 27.70 points or 0.53 per cent.

“Indices are expected to open on a flat-to-positive note. Traders are advised to trade long if Nifty holds above 5220 levels with stoploss placed at 5200 for the targets of 5250/5280. Alternatively, trade short if Nifty slips below 5200 levels with stoploss placed at 5220 targeting lower supports,” said Karvy Stock Broking note.

BSE Midcap Index was up 0.69 per cent and BSE Smallcap Index moved 0.63 per cent higher.

Amongst the sectoral indices, BSE PSU Index was up 1.07 per cent, BSE Metal Index moved 0.83 per cent higher and BSE Bankex advanced 0.75 per cent. BSE FMCG Index was down 0.11 per cent.

Siemens (2.94%), SAIL (1.71%), NTPC (1.32%), Reliance Infrastructure (1.32%) and Bharti Airtel (1.26%) were amongst the top Nifty gainers.

Losers included ITC (-0.66%), Hindustan Unilever (-0.43%), Hero Honda (-0.42%), Ambuja Cement (-0.42%) and Sun Pharma (-0.03%).

Market breadth was positive on the BSE with 1166 advances and 246 declines.

Asian stocks were mixed Wednesday. The Nikkei gained 0.5 per cent, Kospi edged up 0.36 per cent and Strait Times edged 0.06 per cent higher. Shanghai Composite was down 1.06 per cent and Hang Seng slipped 1.05 per cent.

US stocks gained on Tuesday, lifting the Dow and the S&P 500 to fresh 15-month closing highs as investors bet a potential Republican victory in Massachusetts' Senate race could stall President Barack Obama's reform agenda.

The Dow Jones Industrial Average gained 115.78 points, or 1.09 per cent, to end at 10,725.43. The Standard & Poor's 500 Index rose 14.20 points, or 1.25 per cent, to close at 1,150.23. The Nasdaq Composite Index climbed 32.41 points, or 1.42 per cent, to finish at 2,320.40.