Sensex Opens Higher By Over 300 Points; IT Shares Gain

Indian markets were trading on a positive note during the morning trading session mirroring strength in the Asian equities following a strong finish on the Wall Street on upbeat new homes sales data.

Private weather forecaster Skymet has predicted an above normal monsoon in India, starting in July.

Sensex Opens Higher By Over 300 Points; IT Shares Gain
Sensex27,742.97Sensex Quote-93.54 [0.34%]
Nifty8,571.30Nifty Quote-43.95 [0.51%]

On Tuesday it announced that the monsoon will be 109 per cent of the long-period average, for the four-month period from June to September.

It also said the monsoon would arrive on time in Kerala, though the Indian Meteorological Department predicted it would arrive late on June 7. Ashok Leyland, Bajaj Auto, GAIL (India), L&T, Tata Steel, V I P Industries, Glaxosmithkline Pharma, National Aluminium Company will announce their Q4 numbers today.

At 9:37AM BSE SENSEX was at 25632.36, up by 326.89 points or by 1.29 per cent while the NSE Nifty was at 7835.65, up by 86.8 points or by 1.12 per cent.

The BSE MIDCAP was at 11063.17, up by 89.87 points or by 0.82 per cent while the BSE SMLCAP was at 10941.91, up by 90.25 points or by 0.83 per cent.

The top gainers of the BSE Sensex pack were Axis Bank Ltd. (Rs. 500.35,+2.26 per cent), Bharat Heavy Electricals Ltd. (Rs. 120.20,+2.25 per cent), ICICI Bank Ltd. (Rs. 229.35,+2.21 per cent), Tata Motors Ltd. (Rs. 397.80,+2.20 per cent), Tata Consultancy Services Ltd. (Rs. 2518.70,+2.07 per cent), among others.

The top losers of the BSE Sensex pack were Cipla Ltd. (Rs. 461.35,-6.78 per cent), among others.

The Market breadth, indicating the overall strength of the market, was strong. On BSE, out of total 1407 shares traded, 1086 shares advanced, 271 shares declined while 50 were unchanged.

Among the sectoral indices on BSE, BSE_IT index was at 11323.41, up by 247.94 points or by 2.24 per cent led by Mahindra & Mahindra Ltd. (Rs. 527.00,+9.96 per cent), Tanla Solutions Ltd. (Rs. 37.30,+4.19 per cent), 8K Miles Software Services Ltd. (Rs. 1736.40,+3.02 per cent), Aurionpro Solutions Ltd. (Rs. 147.00,+2.69 per cent), Intellect Design Arena Ltd. (Rs. 209.60,+2.59 per cent).

Asia markets opened higher with indices trading more than 1 per cent higher following a strong finish on the Wall Street on upbeat new homes sales data. Japan's Nikkei gained 1.6 per cent on the back of a depreciating Yen. Meanwhile, Hong Kong"s Hang Seng and China"s Shanghi Composite surged 2.4 per cent and 0.3 per cent respectively.

Dion Global Solutions

Read more about: sensex, nifty
Story first published: Wednesday, May 25, 2016, 10:12 [IST]
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