Equity benchmarks built on their early gains, with the BSE Sensex now up close to 200 points at 19039. The December series of Nifty futures were quoting at a 40-point premium to the spot Nifty rate of 5780, indicating that traders were betting on the market to extend its rise next month.
Brokers said the upbeat mood could partly be due to reasons of sentiment rather than fundamentals.
"December is very kind to equities. Going back 32 years to 1980, December has produced a 4.6% median return with an 80% probabilitythe best for any month in the calendar," said a report by Morgan Stanley .
"Over the past 20 years, 1994, 2000, 2001 and 2011 are the only for occasions when December generated negative returns," the report said.
Realty, auto and FMCG shares are the big gainers in the first hour of trade. HDIL, Videocon and Eicher Motors were among the top gainers in the midcap space, up 4-5%.
Apollo Hospital was the biggest loser, down over 9% to Rs 792 on heavy volumes. Market talk is that CLSA has sold its 6.15% stake in the company at a discount to the market price.
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