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Markets Open Higher On Firm Global Cues

By Religare

The key domestic benchmark indices opened in a positive terrain during the morning trading session on Tuesday amid firm global cues.

The market sentiments were bolstered after World Bank chief economist Kaushik Basu"s stated that the bank may revise its GDP growth projection for India after it goes for a stock-taking in a few months.

Markets Open Higher On Firm Global Cues

He also added that the recession in Brazil and Russia and slowdown in China have made India the leading economy in terms of growth prospects for the first time this year.

At 09:20 AM, the Bombay Stock Exchange bellwether Sensex was at 26112.93 up by 78.8 points or by 0.3 per cent, while the NSE Nifty was at 7925.15 points, trading higher by 64.1 points or by 0.82 per cent.

The BSE Sensex touched an intraday high of 26116.53 and an intraday low of 26065.08 while the NSE Nifty touched an intraday high of 7937.2 and an intraday low of 7863

The top gainers of the BSE Sensex pack were NTPC Ltd. (Rs. 146.85,+2.16 per cent), Adani Ports & Special Economic Zone Ltd. (Rs. 264.40,+1.11 per cent), Housing Development Finance Corporation Ltd. (Rs. 1237.20,+0.97 per cent), Lupin Ltd. (Rs. 1858.05,+0.92 per cent), Sun Pharmaceutical Industries Ltd. (Rs. 818.60,+0.87 per cent), among others.

Meanwhile, ICICI Bank Ltd. (Rs. 262.45,-0.64 per cent), Oil And Natural Gas Corporation Ltd. (Rs. 238.50,-0.60 per cent), Coal India Ltd. (Rs. 323.70,-0.45 per cent), Tata Consultancy Services Ltd. (Rs. 2448.90,-0.39 per cent), Infosys Ltd. (Rs. 1101.00,-0.06 per cent), were among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 1408 shares traded, 970 shares advanced, 356 shares declined while 82 were unchanged.

Globally, the Asian peers were trading higher today as the likelihood of fresh stimulus by China eased concerns over a hard landing in the world"s second biggest economy, bolstering the appetite for risky assets. Meanwhile, US stocks rebounded from session lows but finished lower yesterday weighed down by a drop in energy stocks and oil prices.

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