Nifty Opens Higher As Oil Rebounds, Asian Markets Stage Recovery

Updated: Thursday, January 21, 2016, 9:30 [IST]

Indian markets opened the day higher as Asian markets saw some recovery in early trade after a carnage witnessed on Wednesday.

A slight rebound in oil prices also helped sentiments, after a sharp drop in the prices of crude oil seen on Wednesday.The Sensex was trading higher by 283 points, while the Nifty was up 83 points in trade.

Nifty Opens Higher As Oil Rebounds, Asian Markets Stage Recovery

Banking stocks saw some recovery in trade, after Axis Bank posted a higher than expected net profits. The stock was up 4 per cent, also pushing other banking stocks like ICICI Bank higher.

Shares in ONGC gained ground after a modest recovery in crude prices above the $28 per barrel mark. Coal India which slumped to a 52-week low on Wednesday gained ground after CLSA slashed its price target on the stock, but, maintained a buy.

JSW Energy gained ground after its quarterly numbers matched estimates. The stock was up 3 per cent in trade. Tech stocks, also saw some buying support with Infosys, TCS and Wipro among the early gainers in trade.

Mid cap stocks, which had plunged on Wednesday with the index closing sharply lower, saw some buying support. Early gainers from the space were Adani Power, Sun TV, SKS Micro Finance and IDBI Bank.

Meanwhile, Asian markets staged a good recovery in trade with the Hang Sang up more than one per cent, while the Shanghai Composite, which was sharply lower, managing to get back into the green.

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