Markets open higher on Federal Reserve hopes

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Markets open higher on Federal Reserve hopes
Markets opened the day steady, with a slight positive bias, after Asian markets rallied following the Minutes of the Federal Reserve Meeting which suggested easing measures in the US, unless the economy improves significantly.

The BSE Sensex gained 80 points to trade at 17,920 points, while the S&P CNX Nifty gained 24 points to trade at 5437 points at 9.20 am IST.

Among the shares that gained in early trade were Jaiprakash Associates, Cairn India and Hindalco. Bharti Airtel which was down more than 4% in trade was marginally lower by 0.70 per cent. Among the other shares that lost ground in trade were Tata Motors and Infosys Technologies.

Shares of Larsen and Toubro was up marginally following its fund raising plans.

Markets are expected to draw momentum from global events. The minutes from the Fed's last meeting, released Wednesday, renewed hopes that the Federal Reserve is ready to take more easing steps, including the possibility of another round of quantitative easing.

Domestically, there are no major triggers, though the disruption of parliament and the BJP's vociferous protests following the CAG report on coal might dampen sentiments. This may also result in the government's inability to push through the reforms process.

Read more about: sensex, nifty
Story first published: Thursday, August 23, 2012, 9:31 [IST]
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