Markets Open Higher In Early Trade; Tata Motors Surges

Posted By: Religare
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The key domestic benchmark indices opened higher in the morning trading session as optimism over Asia"s third biggest economy bolstered risk taking appetite.

Markets Open Higher In Early Trade; Tata Motors Surges
Markets opened on a positive note amid strong progress of the Southwest Monsoon, hopes of the passage of the GST bill in the upcoming monsoon session of the Parliament and a pickup in Indian manufacturing that has lifted the country"s economic outlook.

The Nikkei India Manufacturing Purchasing Managers" Index (PMI) rose to a three-month high at 51.7 in June from 50.7 in May, with a reading above 50 signaling expansion. Traders are expected to eye the Services PMI data and the start of the Q1 earnings season this week.

At 09:20 AM, the Bombay Stock Exchange bellwether Sensex was at 27320.3 up by 175.39 points or by 0.65 per cent, while the NSE Nifty was at 8376.75 points, trading higher by 48.4 points or by 0.58 per cent. The BSE Sensex touched an intraday high of 27346.01 and an intraday low of 27293.53 while the NSE Nifty touched an intraday high of 8376.75 and an intraday low of 8376.75

The top gainers of the BSE Sensex pack were Oil And Natural Gas Corporation Ltd. (Rs. 230.00,+2.52 per cent), Tata Motors Ltd. (Rs. 468.00,+2.21 per cent), Hero MotoCorp Ltd. (Rs. 3225.00,+1.52 per cent), Dr. Reddy's Laboratories Ltd. (Rs. 3525.00,+1.37 per cent), State Bank of India (Rs. 221.60,+0.89 per cent), among others.

Meanwhile, Bharti Airtel Ltd. (Rs. 367.25,-0.41 per cent), was among the top losers on BSE.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total 1198 shares traded, 962 shares advanced, 189 shares declined while 47 were unchanged.

On the global front, Asian stocks were trading higher today after recouping early losses led by gains in Chinese stocks. US stocks rose for a fourth day in the previous trading session amid optimism on American growth and as central banks continued to signal support in staving off fallout from Britain's decision to leave the European Union.

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