Markets open higher on strong global cues

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 Markets open higher on strong global cues
Markets opened the day higher on the back of a strong rally in markets across the globe, including the Nikkei which rallied more then 3 per cent.

The Sensex was last trading 110 points higher, while the Nifty was up by 35 points. Among the top gainers on the Nifty were the technology pack, which rallied following a sharp drop in the rupee. Notable gainers from the space were Infosys, TCS and HCL Tech.

Other notable gainers from the Nifty were ITC, Maruti Suzuki, Reliance Industries and Tata Steel. Pharma stocks were weak in trade on worries over quality issues at some of the companies. Stocks that fell in trade from the sector were Glenmark, Sun Pharma and Piramal. Ranbaxy was down after reports that India's drug regulator has ordered inspection of the two manufacturing facilities of Ranbaxy Laboratories that were banned from exporting medicines to the US.

In line with the main indices, the mid cap index was also trading marginally higher. Notable gainers from the space were Crompton, Dish TV and Hexaware. Stocks from the mid cap index that lost ground were Jain Irrigation, Opto Circuits and Punj Lloyd.

Larsen and Toubro was up after a consortium of Larsen and Toubro Ltd and Japan-based Sojitz has bagged Rs 6,700-crore railway contract.

Metal stocks some buying support in trade today with notable gainers from the space being JSW Steel and Tata Steel.

Meanwhile, markets in Asia were trading higher led by sharp gains of 3 per cent in the Japanese Nikkei. Other notable gainers included the Hong Kong's Hang Sang. Indian markets are expected to trade in a range and would now await the inflation data due on Friday.

Read more about: sensex, nifty
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