Markets open higher on strong Asian cues

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Markets open higher on strong Asian cues
Markets opened the day higher on the back of strong openings across the Asian markets. The Sensex was trading higher by 116 points, while the Nifty gained 38 points in early trade.

Among the top gainers in trade were the mining and metal stocks, In fact, Coal India jumped 4% in early trade, while Sesa Goa was up 1.51%. Other notable gainers from the Nifty were Bharat Heavy Electricals, Jindal Steel, Hero Motor Corp, Mahindra and Mahindra and Larsen and Toubro.

Nifty stocks that lost ground in early trade were Hindustan Unilever, Bharti Airtel and NTPC.

Banking stocks were once again having a good session with notable gainers from the space being Axis Bank, Bank of India, ICICI Bank and Yes Bank.

Tata Motors continued to trade marginally higher despite reporting a dismal set of sale numbers for Sept 2013.

Bajaj Auto on the other hand rose after the company's reported sales volumes were in line with expectations.

Shares in Gitanjali Gems fell after the promoters rejected a dividend payout according to news reports. IT stocks continued to gain ground despite sharp gains in the rupee. Among the notable gainers in trade from the space were Infosys, Tata Consultancy Services and Wipro.

Realty stocks were also having a good session in trade with Sobha, HDIL and Unitech seeing sharp gains in trade.

Meanwhile, markets in Asia were trading higher despite worries over the US government shutdown. Markets that were trading higher included the Hong Kong's Hang Sang, the Jakarta Composite and the Taiwan Weighted.

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