Sensex Opens Higher As Global Cues Remain Strong

Business

oi-Sunil

By Sunil Fernandes

Published: Friday, March 18, 2016, 9:25 [IST]

Benchmark indices opened the day strong, after seeing significant gains being lost on Thursday. Global cues remained strong after crude oil continued its rally sending US stocks soaring in overnight trade.

Most Asian stocks opened the day higher on the back of strong closings across the US markets. The Sensex was trading with gains of 74 points, while the Nifty rallied 22 points in trade.

HUL was trading higher after the company said that it has agreed to sell its rice exports business to LT Foods. Mphasis was trading higher after reports that Blackstone Group is nearing a deal to acquire Hewlett Packard stake in the company.

Banking stocks which saw a spectacular rally in trade on Thursday and than gave up gains, were trading higher once again. Smaller private sector banks like Karnataka Bank and Federal bank were seeing good buying interest.

Larger banks like ICICI Bank and State Bank also gained in early trade. Cairn India and ONGC continued to rally on the back of a rise in crude prices. Pharma stocks once again continued to grind lower with Lupin, Sun Pharma and Dr Reddy's among the top losers from the Nifty.

Shares in Eros International were seeing good buying support and the stock surged 11 per cent in trade.

Meanwhile, markets across Asia were mostly tradign higher on the back of strong global cues.