Markets Open Higher On Crude Oil Rally; ITC Leads Gainers

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, May 9, 2016, 9:32 [IST]

Benchmark indices opened the day higher, as US markets saw a good rally on Friday with a slight bounce in crude oil prices.

The US non farm payrolls data, which came out on Friday was below expectations. This raised hopes that the US Fed may not raise interest rates in its policy meet next month.

The Sensex was trading with gains of 175 points, while the Nifty rallied 48 points in trade. Leading the set of gainers were Grasim, Bajaj Auto, Hindalco, ITC and NTPC.

On the other hand stocks from the Nifty that lost ground were ITC, NTPC, Tata Consultancy Services and State Bank of India.

Shares in ONGC gained ground following a good rebound in oil prices. Oil India too gained on the back of gains in crude.

Wockhardt Pharma dropped after the company reported numbers that did not meet market expectations. However, Birla Corporation rallied, following superb quarterly numbers that the company reported.

ITC on the other hand gained after the company said that it was going to start production, with packs having 85 per cent warnings to comply with the Supreme Court directive.

Shemaroo and KEC International both gained more than 2 per cent, after both the companies reported, better than expected quarterly numbers.

Meanwhile, Asian markets were trading mixed with the Japanese Nikkei gaining ground, while the Shanghai Composite and the Strait Times were marginally lower.

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