Markets opened the week on a positive note with banking stocks reacting positively to the news of a cut in CRR. The NSE Nifty was seen trading higher by 29.40 points at 5362 points, at 9.20 am IST. The BSE Sensex was not updating in early trade today.
Banking stocks like State Bank of India rallied 3.52%, while ICICI Bank was up 3.06% , and Punjab National Bank was up by 2.85%. Among the laggards today were ACC, ITC, Cipla and HDFC Bank. Markets are expecting January IPP numbers today which are expected to come in better than December's numbers. Marketmen are expecting a number in excess of 2%.
Indices are expected to be volatile this week on account of the Credit Policy, Union Budget and the Railway Budget, which will provide direction and momentum to stocks in the next few days.
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