Sensex opens higher as global markets rally

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Sensex opens higher as global markets rally
Strong closings across the US and Europe on Friday and a buoyant trend across Asia in early morning trades pushed the Sensex and the Nifty higher.

The Sensex was up 84 points, while the Nifty gained 27 points in early trade. Among the gainers in trade from the Nifty were, Hindalco, Bank of Baroda, BPCL, ICICI Bank and Jaiprakash Industries.

Shares of Oil India jumped almost 2 per cent in trade after the government stake sale in the company received a good response.

Tata Motors gained 3.27 per cent after the sharp drop on Friday following a technical glitch. Shares of Indian Bank slumped 5.3 per cent after the bank reported a sharp drop in net profits.

Bajaj Auto was trading flat despite the company reporting an increase in its motortcycle sales. India's largest real estate player saw buying interest after reports that the company was planning a stake sale.

Oil and gas companies continued to find buying interest with top gainers from the sector including Oil India, BPCL and Reliance.

PSU banking stocks also saw some buying interest with IDBI Bank, IOB and Oriental Bank of Commerce gaining ground.

Nifty stocks that lost in trade today were BHEL, Coal India, Dr Reddy's Laboratories and Bhel. Meanwhile, markets in Asia were trading higher with the Shanghai Composite, Hong Kong's Hang Sang and Singapore's Strait Times all higher in trade.

Read more about: sensex, nifty
Story first published: Monday, February 4, 2013, 9:42 [IST]
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