The red carpet has been rolled out to welcome the arrivals of movie stars and celebrities for the 83rd Oscar Academy Awards which kicked off Sunday in Hollywood, Los Angeles.

After days of heavy rain, the sky has just turned clear to greet the movie industry's biggest event of the year.

As the event is drawing near, much of the attention is focused on two favorite contenders for best picture -- "The King's Speech" about the British royal family and the Internet tale "The Social Network."

"The King's Speech" has 12 nominations, including Oscar nods for lead actor Colin Firth, supporting actress Helena Bonham Carter, supporting actor Geoffrey Rush, director Tom Hooper, and editing, musical score, art direction, cinematography, costume design, sound mixing and original screenplay.

"The King's Speech" won top honors from the Producers Guild of America, which is usually a strong sign of Oscar-night success, as well as best ensemble cast from the Screen Actors Guild.

Although "The King's Speech" is set to win big, "The Social Network" could still score an upset, movie industry analysts say.

"The Social Network" won best dramatic picture at the Golden Globes and was the top pick at the Critics Choice Awards.

Vying for best picture are also "Black Swan," "The Fighter," "Inception," "The Kids Are All Right," "127 Hours," "Toy Story 3," "True Grit" and "Winter's Bone". The rivalry could provide the only real drama of Oscar night, since the races for the top acting prizes appear to be largely over.

"True Grit," the Coen brothers' remake of the 1969 John Wayne western, has 10 nominations, including a best supporting actress nod for 14-year-old Hailee Steinfeld, "The Social Network" and "Inception" each have eight nominations, while "The Fighter" checks in with seven.

For the best-actor category, Colin Firth, who acts as the stammering king in "The King's Speech," is a favorite after having claimed both Golden Globe and Screen Actors Guild awards.

Firth is nominated along with last year's winner Jeff Bridges, who channeled John Wayne for his turn in "True Grit"; Javier Bardem from foreign-language film nominee "Biutiful"; Jesse Eisenberg as Facebook founder Mark Zuckerberg in "The Social Network" and James Franco as an outdoor adventurer who has to cut off his own arm to survive in " 127 Hours."

Natalie Portman is the odds-on favorite for the best actress award for her portrayal as a tortured ballet dancer in "Black Swan."

Like Firth, Portman also has claimed the Golden Globe and Screen Actors Guild awards. Portman faces challenge from Annette Bening who plays a lesbian mother in "The Kids Are All Right."

Also competing in the category are past winner Nicole Kidman for her role as a grieving wife and mother in "Rabbit Hole," Jennifer Lawrence as an Ozark-mountains girl searching for her drug-dealing father in "Winter's Bone" and Michelle Williams for the relationship-portrait film "Blue Valentine."

Observers say that until the envelopes are opened on stage at the Kodak Theatre, however, nothing is truly assured.

VietNamNet/Xinhuanet