Markets open firm; SBI records smart gains

Commentary

oi-Sunil

By Sunil Fernandes

Published: Monday, May 28, 2012, 9:46 [IST]

Markets opened the week on a firm note, with positive indices in other Asian markets boosting sentiments. The BSE Sensex was trading up 103 points at 9.35 am IST, while the Nifty was trading up 31 points at 4951.

Among the shares that gained ground today were State Bank of India, which rallied 1.60% and BHEL which was up smartly at 1.68%. Among the shares that lost ground today were GAIL, ONGC and Hindustan Unilever.

In Asia, the Shanghai Composite, Singapore's Strait Times and Hong Kong's Hang Sang were all trading higher.

The Euro too recovered in trade on opinion poll results that showed pro austerity party's doing better in Greece. Elections to the country are slated for June 17, 2012.

Marketmen believe that today's early gains could be a technical bounce and one would have to wait for the outcome of the Greece election before any medium term trend can be gauged.

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