Markets rebound on strong global cues

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Markets rebound on strong global cues
Markets rebounded in opening trade, led by strong global cues. The BSE Sensex was trading higher at 17156, up 103 points, while the NSE Nifty was trading at 5215 points, up 31 points over Monday's close at 9.40 am IST.

Strong overseas cues, particularly from the US saw stocks rallying across the board. Dovish comments from Fed chairman, Ben Bernanke lifted sentiments across global markets, including India. Most of the Asian markets were trading higher, including Hang Sang, Nikkei and Straits.

Reliance Infrastructure was marginally up on reports that the company would raise money through non convertible debentures. The stock of Kingfisher Airlines reacted positively to news that the company had made payments to the IT department.

The Markets are now awaiting the RBI's Monetary Policy Review slated for April, which remains crucial in determining the direction of the markets. If the RBI disappoints by not cutting rates, the markets are going to see renewed selling pressure. Until then the markets are likely to be rangebound.

Read more about: sensex, nifty
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