Indian, Asian markets ignore Spain downgrade; open higher

Commentary

oi-Sneha

By Sneha B K

Published: Friday, April 27, 2012, 11:17 [IST]

The Indian indices opened higher today in line with Asian peers, igonring an S&P downgrade of Spain. The Sensex opened flat and rose more than 80 points in early morning trade amidst mixed Asian cues. The Sensex was trading at 17214.67, up 0.49% and the Nifty was trading at 5216.10 higher 27.10 points or 0.52%.

Home sales in the US rose 4.1%, the highest since April 2010, indicating recovery in the US housing market, which helped perk market sentiments.
Strong earning of technology companies also boosted market sentiments. Stocks rose after S&P cut Spain's credit rating to BBB+ from A raising concerns over the nations deteriorating health.

The BSE sectoral indices all were see trading in the positive terrain, including Consumer Durables, Power and Realty.

Among the stocks that gained today in morning trade were the Jaiprakash Associates, Mahindra and Mahindra, Hindalco and Sterlite industries.

While on the losing side, the stocks that failed to lure investors in the morning trade were Coal India, Ranbaxy Laboratories, Grasim and SBI.

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