Indian Markets Open Higher; Ignore Cross Border Tensions

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Indian markets opened on a strong note, even as Asian markets staged a solid recovery, as tensions across the border continued.

There were reports that one Border Security Force Jawan was killled and another injured after terrorists opened fire near an army camp of in Baramulla.

Indian Markets Open Higher; Ignore Cross Border Tensions
Comments by Defence minister, who reiterated that India is prepared for any escalation or eventuality, also added to nervousness, but, the Sensex continued to rally.

The Sensex was trading with gains of 136 points, scaling past the 28,000 points mark in trade, while the Nifty opened higher by 48 points. Banking stocks were trading with gains ahead of the RBI's Monetary Policy due later on Tuesday. Among the stocks that gained were Canara Bank, Yes Bank, Axis Bank and Union Bank of India

Auto stocks were higher ahead of numbers to be reported today and in the next few days. Shares in Tata Motors was higher by 1.5 per cent, while Mahindra and Mahindra was also trading higher.

Other rate sensitives were also trading higher ahead of the RBI's policy. This included stocks from the real estate sector.

The real estate sector, banking and the auto sector tends to benefit from a drop in interest rates.

Meanwhile, most of Asia was trading with gains with the Hong Kong's Hang Sang leading gainers with a 1.5 per cent rise in the index. Other gainers were the Japanese Nikkei and the Strait Times.

Read more about: sensex, nifty
Story first published: Monday, October 3, 2016, 9:27 [IST]
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