Markets trade higher on strong global cues

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Markets trade higher on strong global cues
Markets opened the day higher taking cues from strong trade across Asia and a bounce in the Dow Jones Industrial Average on Monday.

The Sensex was trading higher by 60 points, while the Nifty gained 30 points in early trade. Among the early Nifty gainers were Cairn India, Tata Motors, Jaiprakash Associates, Sesa Goa, DLF and metals major Hindalco.

TVS Motors company dropped sharply by more then 8 per cent, after the company had a spectacular run on Monday jumping more then 8 per cent in trade after the wheeler major entered into a long term co-operation with BMW Motorrad to develop and produce new series of sub 500cc motorcycles.

Telecom stocks dropped even after the Supreme Court allowed telecom companies to continue 3G pacts until next hearing on April 11. Both, Idea and Bharti Airtel were trading lower.

Cairn India was among the top performers among the Nifty stocks after the country's largest private-sector oil producer, said it is keen to start city gas distribution in Rajasthan as it sees a huge natural gas potential in its block.

United Bank rose on reports that the bank has initiated action against four loan defaulters in an attempt to reduce its non-performing loans.

Realty stocks were once again in the limelight with stocks like Anant Raj, Indiabull Realty and Unitech climbing in trade.

Meanwhile, markets in Asia were mostly trading higher with the Hong Kong's Hang Sang, the Japanese Nikkei and the Korean Kospi all trading with gains.

Read more about: sensex, nifty
Story first published: Tuesday, April 9, 2013, 9:34 [IST]
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