Markets Open Higher As Global cues Remain Strong; Eye CPI Data

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Benchmark indices opened the day strong as global cues remained robust, with Asian markets trading sharply higher. All eyes were on the Japanese Monetary Policy slated to begin today.

The Sensex was trading with gains of 225 points, while the Nifty was up 67 points in trade. Leading the set of gainers were
Banking stocks were trading higher ahead of the CPI inflation due later today. If the reading is low, markets expect the Reserve Bank of India to cut interest rates later next month. However, a higher reading may act as a dampener.

 Markets Open Higher As Global cues Remain Strong; Eye CPI Data
ICICI Bank, State Bank of India, Axis Bank were among the gainers from the banking space. IT stocks saw some mild selling pressure, after the rupee continued to strengthen against the dollar.

Heavyweight IT Stocks like Reliance and ITC also added to the list of gainers. Midcap stocks also saw good buying interest with notable gainers from the space being most of the PSU banking stocks.

IDBI and Unitech were among the early gainers in trade from the Midcap space. Coal India was the only loser from the Nifty falling as much as 7 per cent, after its shares went ex-dividend.

NMDC gained after the first increase in prices of Iron Ore. The stock was up 2 per cent in trade.

Meanwhile, markets across Asia were trading higher, following stellar gains across Europe and Asia.

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