Markets Open Higher On Strong Global Cues

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Benchmark indices opened the day higher, as Asian cues were stable and the Dow Jones saw a solid rebound on Friday.

The Sensex was trading with gains of 119 points, while the Nifty rallied 31 points in trade.

Markets Open Higher On Strong Global Cues
Government bond yields also rose after the Reserve Bank of India said it will buy Rs 10,000 crore of debt via open market operation next week.

Among the early gainers in trade were some of the banking stocks, including the likes of ICICI Bank and Axis Bank. The latter is expected to declare its results later today. Shares in Oil marketing companies were weak in trade. Hindustan Petroleum, Bharat Petroleum and IOC were all lower. This is largely on account of the rally in crude prices. It is expected if the Iran-US nuclear deal does not sail through, we could see more pressure on crude prices going forward.

Government owned banks were the real stars in trade with PNB and Bank of Baroda, both gaining as much as one per cent.

PC Jeweller, which jumped as much as 40 per cent on Friday along, was up another 20 per cent in trade. The stock has doubled in value in the last four trading session.

The company is slated to announce a buyback of shares on May 10, 2018.

Meanwhile, the rupee opened steady at 66.82, as against a price of 66.86 seen on Friday.

Check rupee quotes against a basket of currencies here.

Most Asian markets were having a quiet session of trade.

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