Markets open higher on strength in global equities

Commentary

oi-Sunil

By Sunil Fernandes

Published: Thursday, December 13, 2012, 9:31 [IST]

Indian indices opened the day higher and were trading firmly in the positive territory as global cues, particularly the announcement of more easing in the US by the Federal Reserve boosted sentiments.

The Sensex was trading higher by 59 points, while the Nifty gained 17 points in early trade.

NMDC was trading firm after the government raised $1.1 billion through a share auction in the company. The shares gained Rs 2 over Wednesday closing.

Banking shares were also trading higher ahead of the banking bill to be presented in the Lok Sabha today. Banking stocks that gained in trade today were ICICI Bank, State Bank of India, Punjab National Bank, Bank of Baroda and IDBI bank.

TCS was higher after the company said it signed a multi-year agreement with UK-based hospitality player Mitchells & Butlers.

Stocks that lost ground from amongst the index stocks were ITC, Kotak, Bhel and GAIL. Kingfisher Airlines continued to be locked at the upper end of the circuit filter for a third day in a row, gaining 5%.

Shares of telecom major Bharti Airtel was trading higher ahead of the closure of the Bharti Airtel IPO. Heavyweight, Reliance Industries was little unchanged over Wednesday's levels.

Meanwhile, markets in Asia were trading higher following the stimulus measures announced in the US by the Federal Reserve.

Indian markets are expected to trade cautiously ahead of the parliament session, which, if disrupted could lead to a sell-off in stocks.

GoodReturns.in