Nifty Opens Higher After Thursday’s Carnage

Benchmark indices began the day higher on the first day of the Futures and Options for the October series. Global cues were relatively better with most Asian markets trading with gains, and the Dow Futures too pointed to higher openings.

The Sensex was up almost 400 points, after losing as much as 7 per cent in the last six trading sessions. The Nifty was trading higher by 121 points, but, still very much below the 11,000 points mark.

Leading the set of gainers from the Nifty were some of the beaten down banking names like ICICI Bank and State Bank of India.

Sun Pharma shares were trading higher despite reports that the US arm of the domestic pharma is voluntarily recalling one lot of Riomet ER oral suspension in the US market.

Among the Nifty stocks that gained the maximum ground in early trade were Cipla, Hinadlco, TCS, Grasim and IndusInd Bank.

Drug firm Panacea Biotec was higher after the company said it has successfully completed Phase I/II clinical study to evaluate the safety and immunogenicity of its DengiAlI vaccine.

Meanwhile, most Asian markets were trading higher by nearly 1 per cent in early trade, as Dow Futures pointed to higher openings for the US markets.