Markets Open Higher; Asian Cues Strong

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Benchmark indices opened the day higher as Asian cues remained strong, despite mixed closings across the US.

Most Asian markets like the Shanghai Composite, the Hongkong's Hang Sang and the Japanese Nikkei were trading with gains.

Markets Open Higher; Asian Cues Strong
The Sensex was trading with gains of 64 points, while the Nifty was up 21 points in trade. Leading the set of gainers in trade were Axis Bank, ITC and Mahindra and Mahindra.

Shares in Reliance Industries was trading slightly lower after reports that the company is running at lower capacity at some of its plants and is undertaking shut down of two of its petrochemical units at Dahej in Gujarat in response to insufficient water to run the units.

Tata Motors saw some selling pressure after a surge in its stock price on Tuesday, after the company reported a half a million in JLR sales, which was also a record.

Shares in NMDC continued to slide lower and was down almost 2 per cent in trade. The stock is now near its 52-week low.

Oil marketing companies saw their share price climb after a hike in petrol and diesel prices.

Aurobindo Pharma gained ground after reports that the company plans to have Abbreviated New Drug Application (ANDA) filings and new differentiated product launches to maintain its growth.

Meanwhile, the rupee opened marginally higher at 67.24 to the US dollar.

Read more about: sensex, nifty, mahindra and mahindra
Story first published: Wednesday, June 1, 2016, 9:32 [IST]
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