Nifty Opens Higher As Oil Rebounds; Global Markets Remain Strong

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Indian markets saw some good buying support in early trade with most Asian markets trading higher, following strong cues from across US and Europe.

The Nikkei was leading gains across Asia after a smart jump of almost 3 per cent. The rise was despite a slump in exports in Japan.

Nifty Opens Higher As Oil Rebounds; Global Markets Remain Strong
The Sensex was trading with gains of 297 points, while the Nifty was up 88 points. Leading the set of gainers in early trade were metal stocks like Hindalco, Vedanta and Tata Motors.

Shares in Motherson Sumi rose after reports that the group is in talks with Wilbur Ross to buy his portfolio companies International Automotive Components (IAC) Group.

Maruti was trading higher on plans to increase output at its existing plans. Britannia too rallied after reports that it plans to set-up a new manufacturing facility.

ONGC was trading higher after a sharp rebound in crude oil prices. PSU banking stocks saw a sharp recovery in trade with PNB up nearly 3 per cent, while other notable gainers were Canara Bank with gains of 4 per cent and State Bank of India with gains of nearly 3 per cent. ICICI Bank and Axis Bank also gained sharply in trade.

Meanwhile, markets across Asia rallied, following a rebound in the Japanese Nikkei and the Singapore's Strait Times.

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Read more about: sensex, nifty, icici bank
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