Markets open steady; Asian markets gain

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Markets open steady; Asian markets gain
Markets opened the day on a steady note in line with other Asian markets. The BSE Sensex was trading up 38 points at 16455 at 9.40 am IST, while the Nifty was trading up 9 points.

Asian markets continued to exhibit a firm trend with Shanghai Composite, Hong Kong's Hang Sang and Singapore Strait Times all trading higher.

European shares came off highs on Monday on fears of Spanish borrowing costs surging adding to problems from Europe. Monday's optimism that pro bailout parties would form the next government in Greece, which saw shares rallying seem to have fizzled away.

Domestically, all eyes are on the GDP data to be released on May 31, 2012 by the Central Statistical Office. GDP data for the fourth quarter is expected at around 6%. Any disappointment on this front could lead to a sell off in stocks.

Meanwhile, State Bank of India continued to gain for a second day in a row on support from institutions. Other stocks that gained in trade today were HCL Tech, Ranbaxy Laboratories and Coal India.

Read more about: sensex, nifty, gdp
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